Arbitration and Conciliation Amendment (Ordinance) 2020
The government recently brought the Arbitration and Conciliation Amendment (Ordinance) 2020 to amend the Arbitration and Conciliation Act, 1996 and ensure that stakeholder parties can seek an unconditional stay on enforcement of arbitral awards in cases where the arbitration agreement or contract is induced by fraud or corruption.
Need for the Amendment
- The amendment was necessary to address the concerns raised by stakeholders after the enactment of the Arbitration and Conciliation (Amendment) Act, 2019 and to ensure that all the stakeholder parties get an opportunity to seek an unconditional stay of enforcement of arbitral awards where the underlying arbitration agreement ....
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