Role of Cost Accountants as Arbitrators in the Commercial Dispute Resolution Process

Abstract

Arbitration is now a preferred mechanism in the corporate world in commercial dispute resolution process. The Arbitration Act, 1940 had been facing a lot of criticisms due to deficiencies in lot of areas. In order to make the Arbitration process more effective, changes were needed in the said act. As a result, the Arbitration and Conciliation Act 1996 was enacted and it is effective on and from 22nd August 1996. The said Act was amended time and again in order to make more effective and last amended happened in the year 2019. The Amendment in the Arbitration & Reconciliation Act, 1996 in the year 2019 allows the Cost Accountants to act as Arbitrators in the commercial dispute resolution process. This is a new opportunity for the profession which will definitely help the professional to build an additional expertise in the field. Hence forth, Cost Accountants can play a big role in the commercial dispute resolution process. This paper makes a humble attempt to study the role of Cost Accountants as Arbitrators in the Commercial Dispute Resolution Process.