Report No. 176
2.43.3 Insertion of Fourth Schedule:
By section 35 of the Amending Act, Fourth Schedule has been inserted which deals with "fast track arbitration" which has already been extracted in para 2.38.2 immediately after sections 43A to 43D in Chapter 11 as newly inserted.
2.44. We have prepared "The Arbitration and Conciliation (Amendment) Bill, 2001" (Annexure-I) which brings out the amendments recommended in the existing Arbitration and Conciliation Act, 1996.
A brief summary of the recommendations with amendments and with explanatory notes, is given in the next Chapter. In this report, the Commission has kept in mind the broad principles of speedy arbitration and least court intervention. It has rejected a large number of suggestions in respect of further judicial intervention made at the time of the Consultation Paper and thereafter.
It has made several special provisions for speedy disposal of the arbitration proceedings as well as Court proceedings. Only two additional grounds of attack are added so far as 'purely domestic arbitrations between Indian nationals' are concerned. The Part dealing with international arbitration has been left intact. It is hoped that the amendments will improve the state of arbitration in India and will remove the blot of delays.