By : Dr. Ishita Chatterje |Associate Professor|School of Law|G.D.Goenka University, Haryana, India.
Abstract:
With expansion and augmentation of investments, trade and other commercial activities, globalization acting as a stimulus, there is a rise in cases of International commercial disputes to which India is a party as well. This has made India the focal point of world to check out its International arbitration system. Indian government has taken various steps and opportunities to attempt to amend arbitration laws and rules in India to adopt to the dynamic nature of arbitration. The Arbitration and Conciliation (Amendment) Act, 2015 went through two failed attempts of being passed in 2001 and 2010 before coming into force, it was finally on 23rd October, 2015 when the 2015 Act came into effect. This Act does not have retrospective effect and is applicable on the proceedings be it arbitral or court proceedings, which occur after 23rd October, 2015, that is, after passing of this Act. This Act proved to be efficient and effective and have helped in conducting arbitral proceedings in India in a constructive manner. In due course after passing of 2015 Act, a Committee was formed to study how arbitral institutions can be set up in India and how effectively will they work, what major hurdles will be faced in this process and how these issues would be dealt for better Arbitration regime in India
Keywords: Arbitration, Geneva and New York Conventions, Commercial Laws
Introduction:
With the upsurge in globalization, trade and commercial activities have increased due to decrease in trade barriers and have lead to rise in investments and economic activities worldwide. Rise in international commercial and industrial activities also leads to rise of legal disputes among nations and these cross-border disputes require effective and efficient method of resolution. One such method which have come to the force is International Commercial Arbitration which not only protect the business alliances but also has proved to be an effective tool that strengthens co-operation between the parties to dispute.
To give effect to this method and approach towards arbitration, Indian government has taken various steps and opportunities to attempt to amend arbitration laws and rules in India to adopt to the dynamic nature of arbitration. The Arbitration and Conciliation (Amendment) Act, 2015 went through two failed attempts of being passed in 2001 and 2010 before coming into force, it was finally on 23rd October, 2015 when the 2015 Act came into effect. This Act does not have retrospective effect and is applicable on the proceedings be it arbitral or court proceedings, which occur after 23rd October, 2015, that is, after passing of this Act. This Act proved to be efficient and effective and have helped in conducting arbitral proceedings in India in a constructive manner.
As a result, a Bill was introduced in 2021 which had the components of the 2020 Ordinance and finally the Bill was passed and enacted as an Act on 04/03/2021 and The Arbitration and Conciliation (Amendment) Act, 2021 came into effect.
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