The future of arbitration in India: Strengthening the process of alternative dispute resolution
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The future of arbitration in India: Strengthening the process of alternative dispute resolutionBy Manoj K Singh, ET CONTRIBUTORS
Last Updated: Apr 17, 2021, 01:28 PM IST
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Synopsis
The Arbitration and Conciliation Act 1996 has been modelled on lines of the UNCITRAL framework of laws with the idea to modernize Indian arbitration law and bring it in line with the best global practices and also make India a global hub for arbitration.
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The 2019 Amendment has also introduced a tiered system of referring disputes to arbitral institutions.
Being a global economic powerhouse, and in the interest of integrating with the global business community, Indian laws have repeatedly been amended to keep the country at par with legal regimes in other leading commercial law jurisdictions.
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1. Introduction
Section 17 of the Arbitration and Conciliation Act, 1996
(
the Act ) prescribes a mechanism for
parties to an arbitration, to seek interim reliefs from the
arbitral tribunal during the pendency of the arbitral
proceedings.
1 Parties to an arbitration may seek the
said reliefs after invocation of the arbitration proceedings till
the passing of the award. The present article discusses the
applicability, principles for seeking interim reliefs and
enforceability of orders under Section 17 of the Act, pursuant to
the amendments to the Act in 2015 and subsequently in 2019.
2. Amendments to Section 17 of the Act
Before the amendment of the Act by the Arbitration and