•section 34 has expired, then, subject to the provisions of sub-section (2), such award shall be
•enforced in accordance with the provisions of the Code of Civil Procedure, 1908, in the
•same manner as if it were a decree of the court.
(2)Where an application to set aside the arbitral award has been filed in the Court
•under section 34, the filing of such an application shall not by itself render that award
•unenforceable, unless the Court grants an order of stay of the operation of the said arbitral
•award in accordance with the provisions of sub-section (3), on a separate application made
•for that purpose.
(3)Upon filing of an application under sub-section (2) for stay of the operation of the
•arbitral award, the Court may, subject to such conditions as it may deem fit, grant stay of the
•operation of such award for reasons to be recorded in writing:
•Provided that the Court shall, while considering the application for grant of stay in
•the case of an arbitral award for payment of money, have due regard to the provisions for
•grant of stay of a money decree under the provisions of the Code of Civil Procedure, 1908.
•* * * * *
43J.The qualifications, experience and norms for accreditation of arbitrators shall be
•such as specified in the Eighth Schedule:
•Provided that the Central Government may, after consultation with the Council, by
•notification in the Official Gazette, amend the Eighth Schedule and thereupon, the Eighth
•Schedule shall be deemed to have been amended accordingly.
•* * * * *
•THE EIGHTH SCHEDULE
•Qualifications and Experience of Arbitrator
•A person shall not be qualified to be an arbitrator unless he—
(i)is an advocate within the meaning of the Advocates Act, 1961 having ten
•years of practice experience as an advocate; or
•(ii) is a chartered accountant within the meaning of the Chartered Accountants
•Act, 1949 having ten years of practice experience as a chartered accountant; or
•Finality of
•arbitral awards.
•5 of 1908.
Enforcement.
•5 of 1908.
•Norms for
accreditation.
•25 of 1961.
•38 of 1949.
•5
•(iii) is a cost accountant within the meaning of the Cost and Works Accountants
•Act, 1959 having ten years of practice experience as a cost accountant; or
•(iv) is a company secretary within the meaning of the Company Secretaries
•Act, 1980 having ten years of practice experience as a company secretary; or
(v)has been an officer of the Indian Legal Service; or
•(vi) has been an officer with law degree having ten years of experience in the
•legal matters in the Government, Autonomous Body, Public Sector Undertaking or at
•a senior level managerial position in private sector; or
•(vii) has been an officer with engineering degree having ten years of experience
•as an engineer in the Government, Autonomous Body, Public Sector Undertaking or
•at a senior level managerial position in private sector or self-employed; or
•(viii) has been an officer having senior level experience of administration in the
•Central Government or State Government or having experience of senior level
•management of a Public Sector Undertaking or a Government company or a private
•company of repute; or
•(ix) is a person, in any other case, having educational qualification at degree
•level with ten years of experience in scientific or technical stream in the fields of
•telecom, information technology, Intellectual Property Rights or other specialised areas
•in the Government, Autonomous Body, Public Sector Undertaking or a senior level
•managerial position in a private sector, as the case may be.
•General norms applicable to Arbitrator
(i)The arbitrator shall be a person of general reputation of fairness, integrity
•and capable to apply objectivity in arriving at settlement of disputes;
•(ii) the arbitrator must be impartial and neutral and avoid entering into any
•financial business or other relationship that is likely to affect impartiality or might
•reasonably create an appearance of partiality or bias amongst the parties;
•(iii) the arbitrator should not involve in any legal proceeding and avoid any
•potential conflict connected with any dispute to be arbitrated by him;
•(iv) the arbitrator should not have been convicted of an offence involving moral
•turpitude or economic offence;
(v)the arbitrator shall be conversant with the Constitution of India, principles of
•natural justice, equity, common and customary laws, commercial laws, labour laws,
•law of torts, making and enforcing the arbitral awards;
•(vi) the arbitrator should possess robust understanding of the domestic and
•international legal system on arbitration and international best practices in regard
•thereto;
•(vii) the arbitrator should be able to understand key elements of contractual
•obligations in civil and commercial disputes and be able to apply legal principles to a
•situation under dispute and also to apply judicial decisions on a given matter relating
•to arbitration; and
•(viii) the arbitrator should be capable of suggesting, recommending or writing a
•reasoned and enforceable arbitral award in any dispute which comes before him for
adjudication.
•23 of 1959.
•56 of 1980.
•6
•MGIPMRND—1264LS(S3)—01-02-2021.
•LOK SABHA
•————
•A
•BILL
•further to amend the Arbitration and Conciliation Act, 1996.
•————
•(Shri Ravi Shankar Prasad, Minister of Law and Justice)
