On 4th November 2020, The Hon’ble President of India promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020, amending certain provisions of the Arbitration & Conciliation Act, 1996. The amendment is introduced to seek remedies for the issues raised by various stakeholders after the Arbitration and Conciliation (Amendment) Act, 2019 came into effect. With the recent amendment of 2020, all the stakeholders will get an opportunity to seek an “unconditional stay” on enforcement of arbitral awards where the underlying arbitration agreement or contract or making of the arbitral award are induced by fraud or corruption.
