The ARBITRATION AND CONCILIATION ACT 1996 was enacted to:
Answer & Solution
Correct answer: A.
1. The Arbitration and Conciliation Act 1996 was enacted to:
2. (i) REPLACE the Indian Arbitration Act 1940 (which had become outdated);
3. (ii) CONSOLIDATE AND AMEND law on:
4. (a) DOMESTIC ARBITRATION (Part I);
5. (b) INTERNATIONAL COMMERCIAL ARBITRATION;
6. (c) ENFORCEMENT OF FOREIGN AWARDS (Part II — New York Convention 1958; Geneva Convention 1927);
7. (d) CONCILIATION (Part III);
8. (iii) Based on the UNCITRAL MODEL LAW on International Commercial Arbitration 1985 (adopted by United Nations Commission on International Trade Law);
9. (iv) Promote ALTERNATIVE DISPUTE RESOLUTION (ADR) in India.
10. Major amendments: 2015, 2019, 2021.
11. Hence option B is correct.
_Source: Arbitration and Conciliation Act 1996 (Bare Act) + Mediation Act 2023 — Arbitration and Conciliation Act 1996, Preamble; UNCITRAL Model Law 1985_
Related questions
In SBP & Co. v. PATEL ENGINEERING LTD (2005) 8 SCC 618, the Supreme Court held that the JUSection 28 Arbitration Act 1996 specifies APPLICABLE LAW:Section 39 Arbitration Act 1996 grants the arbitral tribunal LIEN on the:INTERIM AWARD under Arbitration Act 1996:Section 38 Arbitration Act 1996 (DEPOSITS) requires parties to:DOMESTIC ARBITRATION versus INTERNATIONAL COMMERCIAL ARBITRATION:Section 21 Arbitration Act 1996 defines COMMENCEMENT OF ARBITRATION as:Section 43 Arbitration Act 1996 (LIMITATION) provides that the period of LIMITATION ACT 19