Report No. 176
29. Insertion of new Chapter XI in Part I
After section 43 of the principal Act, the following Chapter shall be inserted, namely:-
Single Member fast Track Arbitral Tribunal and fast Track Arbitration
Resolution of disputes through Fast Track Arbitration
"43A. (1) The parties to an action, before a judicial authority referred to in section 8, or a legal proceeding before any of the courts referred to in section 8A, or to an arbitration agreement or to an application before the Supreme Court or the High Court under section 11, as the case may be, may, at any stage either before or at the time of appointment of the arbitral tribunal, agree in writing to have their disputes resolved by arbitration in accordance with the provisions of this section, sections 43B to 43D and the procedure specified in the Fourth Schedule (hereinafter referred to as the Fast Track Arbitration).
(2) If the parties referred to in sub-section (1) agree to have the disputes resolved through Fast Track Arbitration under that sub-section , then the arbitral tribunal agreed to between the said parties shall be called the Fast Track Arbitration Tribunal.
(3) Notwithstanding anything contained in the arbitration agreement-
(i) the Fast Track Arbitral Tribunal shall consist of a sole arbitrator;
(ii) the sole arbitrator shall be chosen by parties unanimously; (iii) the fee payable to the arbitrator and the manner of payment of the fee shall be such as may be agreed between the sole arbitrator and the parties;
(iv) the procedure laid down in the Fourth Schedule (hereinafter referred to as the Fast Track Procedure) shall apply.