Review On 2021 Amendment Of Arbitration And Conciliation Act And Its Effect

Review On 2021 Amendment Of Arbitration And Conciliation Act And Its Effect On Enforcement Of Arbitral Awards

S Smrithika Sashthi, School of Law, Christ (Deemed to be University)

ABSTRACT

The effectiveness and efficiency of a jurisdiction's award enforcement system largely determines how well-known it is as a country that welcomes arbitration. All awards made in nations that have not been notified by India's central government cannot be regarded as foreign arbitral awards that meet the definition outlined in the act because this article covers the award enforcement regime in India. According to the statute, foreign awards are those that are determined based on disagreements between parties to a clear- cut legal arrangement that is regarded as having a commercial nature under Indian law. It should be emphasised that the new Amendment Act 2021 of the Arbitration and Conciliation Act 1996, solely specifies the procedure for enforcing international arbitral judgements; it makes no mention of the procedure for nullifying a foreign award or for adopting any temporary measures related to a foreign award. With the aid of important case laws, this study will further attempt to demonstrate the judicial consistency in the enforcement of the international arbitral judgement. In order to improve the enforcement of foreign awards, this paper will offer legislative recommendations.