Panel Discussion on Arbitration and Conciliation (Amendment) Act, 2021 - A Hasty Step or an Urgent Requirement?

The team at Ivy Law attended a panel discussion on “Arbitration and Conciliation (Amendment) Act, 2021, conducted by the Indian Journal of Arbitration (IJAL) and the Centre for Advanced Research and Training in Arbitration Law (CARTAL). The discussion highlighted the key changes introduced by the Arbitration and Conciliation (Amendment) Act, 2021. A new proviso to Sub-Section 36(3) (Enforcement) was introduced in the principal act, relating to the grant of an unconditional stay by the court, pending disposal of a challenge, in the event the arbitral award was challenged on account of fraud or corruption. On the other hand, parties misusing the plea of fraud or corruption with a mala fide intent was also taken into consideration. Further, substitution of Section 43(J) (Norms for Accreditation of Arbitrators) were also deliberated upon.