Consider the following statements regarding Arbitration And Conciliation Amendment Act 2015 1 ...........

Indian Polity Judiciary

Consider the following statements regarding Arbitration And Conciliation (Amendment)Act, 2015:

1. The amended act states that any challenge to an arbitral award that is made before a Court, must be disposed of within a period of one year.

2. The amended act permits parties to choose to conduct arbitration proceedings in a fast track manner. The award would be granted within one month.

Which of the above statements are correct:

1 only

2 only

Both

None

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Explanation:

statements 1 is correct and For early settlement of disputes under the arbitration mechanism, several changes are introduced in the act. Arbitrators have to settle the dispute within 12 months of time period. After 12 months, the case can be extended for another six months but certain restriction will be imposed to settle the case within 18 months. If any challenge to an arbitral award is made before a court, the court has to settle the issue within one year. The amendments also included a provision for fast track settlement of disputes within six months