With reference to Arbitration and Conciliation consider the following statements 1 Law commission rs...........

Indian Polity Legal Issues

With reference to Arbitration and Conciliation, consider the following statements

1.Law commission’s 246th report is associated with Arbitration and Conciliation Act 1996.

2.The Arbitration and Conciliation Act 1996 is not based on the UNCITRAL Model Law on International Commercial Arbitration.

3.The 1996 Act covers only domestic arbitration and hence a recent amendment bill was passed to cover international also.

How many of the statements given above are correct?

Only One

Only Two

All Three

None

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Explanation:

"Law Commission’s 246th report is associated with the Arbitration and Conciliation Act 1996": This statement is correct. The Law Commission of India's 246th report is indeed associated with proposed amendments to the Arbitration and Conciliation Act, 1996.

"The Arbitration and Conciliation Act 1996 is not based on the UNCITRAL Model Law on International Commercial Arbitration": This statement is not correct. The Arbitration and Conciliation Act, 1996, is based on the UNCITRAL Model Law on International Commercial Arbitration. The UNCITRAL Model Law has influenced many countries' arbitration laws, including India.

"The 1996 Act covers only domestic arbitration, and hence a recent amendment bill was passed to cover international also": This statement is not correct. The Arbitration and Conciliation Act, 1996, covers both domestic and international arbitration. The recent amendment bill in question is meant to make various improvements to the arbitration process in India, but it is not about expanding the Act's coverage to international arbitration—it already covers both.