A bill was introduced in the Lok Sabha to ensure that all stakeholder parties get an opportunity to seek an 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.
The Arbitration and Conciliation (Amendment) Bill, 2021 was introduced by Law Minister Ravi Shankar Prasad amid sloganeering by opposition members for the repeal of new farm laws.
Introducing the bill, Prasad said the bill seeks to facilitate speedy appointment of arbitrators through designated arbitral institutions.
The bill seeks to replace the ordinance brought earlier by the government.
The Lok Sabha was later adjourned till 6 pm amid protests by opposition members.
( With inputs from ANI )
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