The Arbitration and Conciliation Act, 1996 is the prime legislation relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards and also to define the law relating to conciliation and for matters connected incidental thereto. It repealed the three statutory provisions for arbitration: - (i) the Arbitration Act, 1940 (ii) Act, 1937 and (iii) the Foreign Awards (Recognition and Enforcement) Act, 1961.
In Today's judicial system, Arbitration is one of the most successful alternative dispute redressal mechanisms, which is voluntary in nature wherein the concerned parties decide in advance to settle the dispute through arbitration only. The process of arbitration involves the hearing and determination of a dispute by an independent authority approved by both parties. Arbitration ends with an award, which is equivalent to a judgment in a normal civil case. The arbitration proceeding are governed by the agreement signed between Indian courts and the parties to the agreement have a very limited role in the arbitration proceedings. Section 11 of the by the Arbitration and Conciliation Act 1996 deals with the appointment of arbitrator when the other party fails to appoint the arbitrator in terms of the arbitration agreement.
We advise our global clients on a wide range of arbitration issues, including initiation of litigation proceedings for enforcing arbitration awards, staying of court proceedings for breach of arbitration clauses. We also strive to provide provisional relief to its clients in support of pending arbitration proceedings.
Business Query Form
|
