President Ram Nath Kovind today promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020 to further amend Arbitration and Conciliation Act 1996. The Ordinance aims to ensure that all the stakeholders get an opportunity to seek unconditional stay of enforcement of arbitral awards where the underlying arbitration agreement or contract or making of the arbitral award are induced by fraud or corruption.
Through the Ordinance, an addition has been made to Section 36 whereby if the Court is satisfied that a prima facie case is made out that the arbitration agreement or contract which is the basis of the award was induced or effected by fraud or corruption, it will stay the award unconditionally pending disposal of the challenge made to the award under Section 34.
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