The success and failure of a system predominantly lies in the commitment to drive out the flaws from it. An attempt was made by the legislature in 1996 when amendments were made to the Arbitration Act of 1940 and now another effort has been made to drive out the various shortcomings that have not only plagued the Arbitration process but has also made it inefficient, biased and expensive.
The amendment brought to the 1996 Act is certainly a positive step towards making arbitration expeditious, efficacious and a cost effective remedy. The new amendments seek to curb the practices leading to wastage of time and making the arbitration process prohibitively a costly affair. The new law also makes the declaration by the arbitrator about his independence and impartiality more realistic as compared to a bare formality under the previous regime. Making the arbitrator responsible for delay in the arbitration proceedings, for the reasons attributable to him, would ensure that the arbitrators do not take up arbitrations which are beyond their capacities. The scope of various unnecessary adjournments for continuous flow of fees has been eliminated. Such a deterrent would imbibe self-discipline and control amongst the arbitrators. It can finally be said that the present amendments certainly travel an extra mile towards achieving the objectives of the Act.
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