Arbitration and Conciliation(Amendment) Act 2019 is an alternative and speedier method for resolution of the commercial dispute through arbitration. The Arbitral awards are legally binding and enfoceable like decree of court.
Time period for completion of Arbitration
The 2019 Amendment requires completion of arbitration proceedings within a period of 12 months from the date of completion of pleadings. In the case of a domestic arbitration, the time-period of 12 months (extendable of course by another 6 months subject to consent by the parties, and thereafter by the Court) for the conclusion of the proceedings is now to be reckoned from the date of completion of pleadings instead of from the date of constitution of the arbitral tribunal. In order to ensure completion of pleadings within stipulated period a six months time has been prescribed for the filing of the Statement of Claim and Defence.