First published on BlogArbitration
The 1996 statute which has been subject of much criticism, sometimes unfairly overstated, has finally been amended through an ordinance which was promulgated on Friday, 23 October. The ordinance is available here.
An amendment has been in the pipeline for longer than one might think, with the first law commission recommendation to amend the 1996 Act coming way back in 2001.
The second attempt began in 2010, eventually leading to another law commission report and recommendation for a new set of amendments proposed about a year ago. The intervening 15 years had seen a complete change in how arbitration was viewed by the courts and by the policy makers in India, and that is reflected in the approach the two law commissions took – one in 2001 and the other in 2015.
Read the post here