The Indian subcontinent has in recent years become one of the largest economies, ranking 6th in the world and 3rd in Asia. As one of the largest economies in Asia, a substantial increase in the number of arbitration proceedings involving international agreements, contractual performance, and/or disputes about property or money, is quite unsurprising. This increase in the public’s reliance on alternate dispute resolution, the need to promote international trade, and to make India a centre for International Arbitration has led to the necessity of revisiting and revising the previously incorporated Arbitration law, namely the Arbitration and Conciliation Act, 1996 (“the Act”).
Therefore, on 9 August 2019 the Arbitration and Conciliation (Amendment) Act, 2019 (“the 2019 Amendment”), which brought various notable amendments to the Indian Arbitration & Conciliation Act, 1996 (“the 1996 Act”), received the assent of the President and was published as Act No. 33 of 2019. Thereafter, on 4 November 2020, the Government of India introduced the Arbitration and Conciliation (Ordinance), 2020 (“the 2020 Ordinance”) which introduced 2 additional amendments, seeking “to address the concerns raised by stakeholders after the enactment of the Arbitration and Conciliation (Amendment) Act, 2019”.
Recently, on 10 March 2021, the Arbitration & Conciliation (Amendment) Act, 2021 (“the 2021 Amendment”) gained Parliamentary assent and thereby replaced the 2020 Ordinance. The said Act was deemed to have come into force on 4 November 2020.
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