By applying Section 17 to arbitrations seated outside India, India shall move a step ahead in ensuring that the assets or subject matter of the dispute located in India are secured expeditiously, and no party can play any kind of dilatory tactics to render such foreign seated interim awards infructuous.
Section 7 of the Arbitration and Conciliation Act, 1996 defines an arbitration agreement as “an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not.
The Arbitration and Conciliation Act, of 1996, plays a pivotal role in providing a legal framework for resolving disputes outside the traditional court system.
As per the black law dictionary, the arbitrator is a “private, disinterested person, chosen by the parties to a disputed question, for the purpose of hearing their contention, and giving judgment between them; to whose decision(award) the litigants submit themselves either voluntarily, or, in some cases, compulsorily, by order of a court”.
Arbitration is a dispute resolution process outside the traditional court system, gaining prominence in India due to its efficiency and flexibility. The Act governing the arbitration proceedings in India namely “The Arbitration and Conciliation Act, 1996”.
The arbitrator is a neutral third party who is appointed to resolve a dispute between two or more parties outside the court system. They play a crucial role in arbitration proceedings, which is an alternative dispute resolution method used to settle conflicts.
A pending suit can be sent for arbitration under Section 8 of the Arbitration and Conciliation Act, 1996. This section states that a party to a case may, at any time after the commencement of the suit, apply to the court for an order referring the dispute to arbitration.
Interpreting the Insolvency and Bankruptcy Code 2016 and sheds light on its significance in shaping the insolvency and bankruptcy landscape in India.
Recover the money against the supply made along with interest notified by the Reserve Bank of India (RBI) if any company make the payment after 45 day of acceptance of goods and service from any MSME’s vendor.
The process is not too tedious and is generally accepted by the court, thus, helping the parties to resolve disputes in a time bound manner.
Individuals and corporates have begun to opt for ‘Arbitration’ as the chosen mode for resolution of their disputes to avoid court delays and other legal hassles of court.
The choice between ‘arbitration’ and ‘litigation’ is not one that can be made in a vacuum. Arbitration can and should be a flexible and efficient procedure for adjudicating disputes.
The enforcement proceedings for the foreign award (under S. 47-48) are the last and final stage where the debtor can resist the award from becoming binding/ enforceable for grounds listed under Section 48 of the Arbitration Act.
The court’s intervention can be justified by saying that it protects the rights of the parties or it puts eyes on the arbitration proceedings to prevent any injustice.
In arbitration, whenever a civil dispute arises between two or more parties it is referred to the sole arbitrator or tribunal or three or more arbitrators, which always will be in odd numbers.
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