Arbitration and Conciliation (Amendment) Ordinance, 2020: Widening the Purview of the Act

The Arbitration and Conciliation (Amendment) Ordinance was promulgated on 4th November 2020 by the President of India to ensure that all the stakeholders get an unconditional stay on the enforcement of arbitral awards where the Court finds out that the underlying agreement or the making of the award is induced by fraud or corruption and thus, through this amendment the parties to the proceedings, who challenged the award can now be saved from the conditions that the Court may impose in the normal circumstances for the stay of award. Further, the Ordinance omits the Eighth Schedule relating to the qualification and experience of the Arbitrator, which had impliedly excluded the foreign nationals from acting as arbitrators in an Indian seated Arbitration and substitutes the Schedule with Section 43J of the Act so as to state that the accreditation for arbitrations shall now be done as per the qualifications, experience and the norms specified by the regulations. (more…)