SCOPE OF SECTION 8 & 17 OF THE ARBITRATION AND CONCILIATION ACT, 1996

AUTHOR – SUNIT PRATAP, STUDENT AT INSTITUTE OF LAW, NIRMA UNIVERSITY

Best Citation – SUNIT PRATAP, SCOPE OF SECTION 8 & 17 OF THE ARBITRATION AND CONCILIATION ACT, 1996, Indian Journal of Legal Review (IJLR), 3 (2) of 2023, Pg. 182-187, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

When will mankind be convinced and agree to settle their difficulties by arbitration?

                                                                                              Benjamin Franklin

Over the past few decades, there has been a dramatic increase in both the number of commercial conflicts and the economic development of nations. As a result, arbitration and other forms of alternative dispute resolution are now more important than ever for organisations doing business with and in India. The purpose of this study is to critically assess the arbitration and conciliation act in India while keeping in mind the larger investigation between the effectiveness of legal performance and economic progress. In addition to focusing on section 8 and section 17 of the act, the article also tries to generate a discussion about the history of arbitration in India by noting any potential procedural faults. The 1940 and 1996 Acts that govern arbitration in India are examined and evaluated in this essay, ADR procedures are commonly used in international commercial arbitration contracts, and arbitration in particular is considered as a way out due to its perceived advantages in terms of time and cost as well as its private, independent, and neutral nature. Arbitration is growing more and more popular among the parties as a means of resolving their international and domestic commercial disputes.

KEYWORDS- ARBITRATION, SECTION 8, SECTION 17, JUDICIAL INTERPRETATION