New Delhi: Loksabha on Friday approved the Arbitration and Conciliation Amendment Bill 2021 which sought to promote India as a center for international commercial arbitration. Has been. Responding to the discussion on the Bill in the lower house, Law and Justice Minister Ravishankar Prasad said, “The Modi government sincerely wants to make India the center of international commercial arbitration and we will make it.”
He said that there are a lot of arbitration cases going on in the world and we know about this? Should we ignore the arbitrary award (award) and let the tax payers money go in vain. Prasad said that we cannot allow India to become the center of arbitrary award (award).
After the Minister’s reply, Parliament approved the Bill by voice, rejecting the statutory resolution approving the ordinance and amendments of some members by some other members including Adhir Ranjan Chowdhury of Congress, NSP Premachandran of RSP
The Law and Justice Minister said, “My appeal to the judiciary is to consider the increasing number of PILs and consider the appropriate PIL only.” He said that he does not have any objection with PIL but the trend of filing PILs after seeing newspaper news every morning is also not right. He said that it should be fine if it is a matter of the salaries of the laborers, whether it is an environmental issue, but consider the circumstances under which PIL should be filed. Prasad, referring to the separate powers of the judiciary and the executive, said that the subject of administration (governance) should be left to the elected people.
On the objections of some members regarding the Madhyastham Bill, the Law Minister said that since the arbitration is done, the ban cannot be imposed…. The law cannot be so innocent. He said that only the allegations could not be stopped, for that first evidence has to be presented. The Bill seeks to remove the difficulties posed in promoting institutional arbitration and to promote India as a hub of international commercial arbitration.
Taking part in the discussion, Adhir Ranjan Chaudhary of the Congress said that the ordinance is brought in unprecedented and emerging situation but what was the need to bring the ordinance for such a small amendment. He said that a lot of cases are already pending in the court, in such a way that amendments have been made in the Bill, it will increase the court cases. BJP’s Subhash Baheria said that through this bill, amendments have been made on two provisions and five points. In this, a provision has been made to ban the award on the issue of corrupt practices in ensuring the arbitral award.
Saugata Roy of the Trinamool Congress questioned the relevance of bringing the ordinance. He said what is the need to bring an ordinance for small amendments. Pinaki Mishra of the Biju Janata Dal said that a three-tier arrangement in it can take a very long time to settle the dispute. This proposed law would be complicated. The government should consider this. Alok Kumar Suman of JDU said that after the enactment of this bill, India will become a favorite place for international investors and traders to settle their cases. B
Ritesh Pandey of SP said that many provisions in this bill are complicated and the government should reconsider it. Supriya Sule of Nationalist Congress Party said that the government should insist on simplifying the provisions of this bill. The objectives and reasons of the Bill stated that for the purpose of ascertaining the issue of corrupt practices in ensuring contractual or arbitral award, a need was felt to ensure that all the party parties should be conditioned to stop the enforcement of arbitral award Opportunities are found where the underlying median agreement or agreement or arbitration award is motivated by fraud or corruption.
It said that it was considered necessary to abolish the Eighth Schedule of the Act to attract India as an international commercial intermediary center by attracting eminent intermediaries. Accordingly, keeping in view the above circumstances, it became necessary to further amend the Arbitration and Reconciliation Act 1996. Parliament was not in session and immediately it became necessary to further amend that Act. As such, the Arbitration and Reconciliation Amendment Ordinance 2020 was implemented on 4 November 2020 under clause (1) of Article 123 of the Constitution.
