Arbitration and Conciliation Act, 1996 - An Overview

Abstract

The significant increase in the economic development of nations over the last few decades has been accompanied by a considerable increase in the number of commercial disputes as well. As a result, alternative dispute resolution mechanisms including arbitration have become more crucial for businesses operating in India as well as those during businesses with Indian firms. Keeping in mind the broader exploration between the quality of legal performance and economic growth, this paper is an attempt to critically evaluate arbitration in India as a legal institution. In this paper, the prime position in dispute resolution is discussed. This paper examines and evaluates the International Arbitration Regime in India under 1940 and 1996 Acts, and also discusses the main concepts like arbitrator, arbitration agreement, arbitral awards, foreign awards, public policy etc. This paper also deals with recognition and enforcement of the award and identifies the Indian regime governing the domestic, and International Commercial Arbitration. In International commercial arbitration contracts are frequently applied ADR techniques, especially arbitration is seen as a way out arbitration as a private, independent, and neutral system, time and cost benefits that are felt to be the hallmarks of the arbitration. Arbitration is increasingly becoming popular within the parties to settle their international as well as domestic commercial disputes.