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With reference to the Arbitration and Conciliation (Amendment) Bill, 2021, consider the following statements:
1. The legislation seeks to amend the Arbitration and Conciliation Act, 1996.
2. It provides unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruption
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
With reference to the Arbitration and Conciliation (Amendment) Bill, 2...
The Parliament gave its nod to the Arbitration and Conciliation (Amendment) Bill, 2021 with Rajya Sabha passing it. The Lok Sabha has already passed the bill last month.
  • The legislation seeks to amend the Arbitration and Conciliation Act, 1996. The Act contains provisions to deal with domestic and international arbitration and defines the law for conducting conciliation proceedings.
  • The Arbitration and Conciliation (Amendment) Bill, 2021 provides for the following:
    • to grant unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruption;
    • to omit Eighth Schedule of the Act which laid down the qualifications, experience and norms for accreditation of arbitrators; and
    • to specify by regulations the qualifications, experience and norms for accreditation of arbitrators and the said amendment is consequential in nature.
Hence both statements are correct.
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With reference to the Arbitration and Conciliation (Amendment) Bill, 2021, consider the following statements:1. The legislation seeks to amend the Arbitration and Conciliation Act, 1996.2. It provides unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruptionWhich of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
With reference to the Arbitration and Conciliation (Amendment) Bill, 2021, consider the following statements:1. The legislation seeks to amend the Arbitration and Conciliation Act, 1996.2. It provides unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruptionWhich of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Arbitration and Conciliation (Amendment) Bill, 2021, consider the following statements:1. The legislation seeks to amend the Arbitration and Conciliation Act, 1996.2. It provides unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruptionWhich of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Arbitration and Conciliation (Amendment) Bill, 2021, consider the following statements:1. The legislation seeks to amend the Arbitration and Conciliation Act, 1996.2. It provides unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruptionWhich of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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