Report No. 176
Single Member Fast Track Arbitral Tribunal and 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 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 such 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.
"43B Other provisions of the Act to apply subject to modifications The other provisions of this Part, in so far as they are matters not provided in the Fourth Schedule, shall apply to the Fast Track Arbitration as they apply to other arbitrations subject to the following modifications, namely:-
(a) references to ,
(i) "arbitral tribunal" shall, unless the context otherwise requires, be deemed to include references to the Fast Track Arbitral Tribunal; and
(ii) "court" shall be deemed to be references to the High Court , except in section 27 and section 31A;
(b) in sub-sections (1) to (4) of section 33, for the words "thirty days" wherever they occur, the words fifteen days shall be substituted;
(c ) in section 34,
(i) in sub-section (3), for the words "three months" the words "thirty days" and for the words " thirty days" the words "fifteen days" shall be substituted respectively;
(ii) in sub-section (5), for the words "sixty days" the words "thirty days" shall be substituted;
(iii) in sub-section (6) for the words, "thirty days" , the words "fifteen days shall be substituted;
(d) in section 37A, for the words "six months" the words "three months" shall be substituted.
(e) in sub-section (1) of section 37,the provision for appeal shall not apply to orders referred to in clauses (a) and (b) of sub-section (1) of section 37.
"43C Proper court for filing subsequent applications
Notwithstanding anything contained in this Part or in any other law for the time being in force but subject to sub clause (ii) of clause (a) of section 43B, where with respect to an arbitration agreement, any application is made or is required to be made before a 'Court' in the manner mentioned in this Part, such an application shall be made to the 'High Court' and all subsequent applications arising out of that agreement and the arbitral proceedings shall be made in that High Court and in no other High Court.