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The Arbitration and Conciliation (Amendment) Bill, 2021 got passed in the Lok Sabha on February 12 by voice vote.
The bill was introduced in the lower house by Law Minister Ravi Shankar Prasad on February 04, 2021. However, the provisions of the bill were already in force since November 04 last year through an ordinance. The Law Minister stated that India needs to be a big hub for arbitration and introducing the bill would turn India into an excellent hub for domestic and international arbitration.
Provisions of the Bill
Issues With the Amendment of Section 36
The act regulates domestic arbitration in the country. It was first amended in 2015, then in 2019, and has now been amended again this year.
Arbitration
It is a type of ADR (Alternative Dispute Resolution). As the name suggests, it is an alternative to courts. The disputes are resolved outside the court and the person(s) who take the decision is/are called arbitrator(s). They provide an arbitration award that legally binds both parties and is enforceable in the courts.
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