This has been the most recent amendment made to the Arbitration & Conciliation Act. This Amendment Act came into force on 10th March 2021. The amendment brought about the following changes:
1. Inserted Section 36 (3) to the Act- Court empowered to stay unconditionally the enforcement of the arbitral award pending application under section 34 if arbitration agreement or contract which is the basis of the award or that the making of the award was induced or effected by fraud or corruption. Operation of Amendment – Retrospective effect i.e. w.e.f 23rd October 2015 the date on which the Arbitration & Conciliation (Amendment) Act, 2015 was enacted.
2. Substituted Section 43J introduced by the Arbitration & Conciliation (Amendment) Act, 2019 – Eight Schedule done away with – Qualifications, experience and norms of accreditation of arbitrators to be specified by regulations.
