The Arbitration and Conciliation Act, 1996 is based ona)the Supreme Co...
The Arbitration and Conciliation Act of 1996 is the relevant legislation that governs the process of arbitration in India. The statute provides for an elaborate codified recognition of the concept of arbitration, which has largely been influenced by significant movements of judicial reforms and conflict management across the world. The Indian Arbitration and Conciliation Act of 1996 is similarly modelled on the UNCITRAL model law.
The Arbitration and Conciliation Act, 1996 is based ona)the Supreme Co...
The correct answer for the given question is option B, the UNCITRAL (United Nations Commission on International Trade Law). Now let's understand why this is the correct answer and explore the details.
The Arbitration and Conciliation Act, 1996 is a legislation enacted by the Indian government to govern the law relating to both domestic and international arbitration and conciliation in India. The Act is based on the UNCITRAL Model Law on International Commercial Arbitration, which was formulated by the United Nations Commission on International Trade Law (UNCITRAL).
- What is UNCITRAL?
UNCITRAL is a subsidiary body of the United Nations General Assembly, established in 1966. Its primary objective is to promote the progressive harmonization and unification of international trade law. UNCITRAL plays a crucial role in formulating international instruments and standards that facilitate cross-border trade and investment.
- UNCITRAL Model Law on International Commercial Arbitration:
The UNCITRAL Model Law on International Commercial Arbitration was adopted by UNCITRAL in 1985. It provides a comprehensive framework for the conduct of international commercial arbitration proceedings and the enforcement of arbitral awards. The Model Law has been widely adopted by many countries around the world, including India.
- Influence on the Arbitration and Conciliation Act, 1996:
When the Indian government decided to reform its arbitration laws, it sought to align them with international best practices and standards. The UNCITRAL Model Law served as a reference point for this purpose. The government considered the Model Law's provisions and adapted them to suit the Indian legal system and requirements.
- Salient Features:
The Arbitration and Conciliation Act, 1996, incorporates several key provisions of the UNCITRAL Model Law. Some of the salient features influenced by the Model Law include:
1. Definition of arbitration agreement
2. Composition of arbitral tribunal
3. Conduct of arbitral proceedings
4. Setting aside of arbitral awards
5. Recognition and enforcement of foreign arbitral awards
The Act also includes certain modifications and additions to the Model Law, catering to the specific needs and circumstances of India.
In conclusion, the correct answer is option B - the UNCITRAL. The Arbitration and Conciliation Act, 1996, is based on the provisions of the UNCITRAL Model Law on International Commercial Arbitration, which serves as a global framework for arbitration. India adopted and adapted the Model Law to form its domestic legislation on arbitration and conciliation.
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