CURRENT AFFAIRS

Detailed explanation-1: -The President of India, on November 04, 2020, promulgated the Arbitration and Conciliation (Amendment) Ordinance 2020, through which changes have been proposed to Section 36 and 43J of the Arbitration and Conciliation Act.

Detailed explanation-2: -The 2021 Amendment, which was passed into law on 10 March 2021 follows the Arbitration and Conciliation (Amendment) Ordinance, 2020 promulgated by the President of India in November 2020.

Detailed explanation-3: -The Arbitration and Conciliation (Amendment) Ordinance, 2020 was promulgated on November 4, 2020. It seeks to amend the Arbitration and Conciliation Act, 1996. The Act contains provisions to deal with domestic and international arbitration and defines the law for conducting conciliation proceedings.

Detailed explanation-4: -Arbitration and Conciliation Amendment Act 2021: Will It Interfere With Arbitral Awards? In March, Parliament passed the Arbitration and Conciliation Amendment Act 2021. The Act is the third amendment in six years to the Arbitration and Conciliation Act 1996 (principal Act).

Detailed explanation-5: -If required, there are provisions for setting aside an arbitral award under Section 34 of the indian Arbitration and Conciliation Act, 1996. Rules for enforcement of domestic as well as foreign awards under arbitration proceedings are also provided under the Act.