CA, CS & CMA qualified for appointment as arbitrator under The Arbitration & Conciliation Amendment Act 2019
The Arbitration and Conciliation (Amendment) Act, 2019 (the amended Act) has received the assent of the President on 9th August, 2019.
The Arbitration and Conciliation Act, 1996 (the old Act) did not lay down any specific qualifications for arbitrators. As per the old Act, any the qualifications required for the arbitrator were as decided by the parties by the agreement.
However, the amendment Act has inter alia now provided for the norms of accreditation for arbitrators by way of inserting section 43J. The Eighth Schedule of the amended act provides for the Qualifications and Experience of Arbitrator.
Qualification required for appointment as arbitrator are as under:
(a) An advocate within the meaning of the Advocates Act, 1961 having ten years of practice experience as an advocate; or
(b) A chartered accountant within the meaning of the Chartered Accountants Act, 1949 having ten years of practice experience as a chartered accountant; or
(c) A cost accountant within the meaning of the Cost and Works Accountants Act, 1959 having ten years of practice experience as a cost accountant; or
(d) A company secretary within the meaning of the Company Secretaries
Act, 1980 having ten years of practice experience as a company secretary; or
(e) A person who has been an officer of the Indian Legal Service; or
(f) A person who has been an officer with law degree having ten years of experience in the legal matters in the Government, Autonomous Body, Public Sector Undertaking or at a senior level managerial position in private sector; or
(g) A person who has been an officer with engineering degree having ten years of experience as an engineer in the Government, Autonomous Body, Public Sector Undertaking or at a senior level managerial position in private sector or self-employed; or
(h) A person who has been an officer having senior level experience of administration in the Central Government or State Government or having experience of senior level management of a Public Sector Undertaking or a Government company or a private company of repute;
(i) A person having educational qualification at degree level with ten years of experience in scientific or technical stream in the fields of telecom, information technology, Intellectual Property Rights or other specialised areas in the Government, Autonomous Body, Public Sector Undertaking or a senior level managerial position in a private sector.
General norms applicable to Arbitrator are as under:
(i) The arbitrator shall be a person of general reputation of fairness, integrity and capable to apply objectivity in arriving at settlement of disputes;
(ii) the arbitrator must be impartial and neutral and avoid entering into any
financial business or other relationship that is likely to affect impartiality or might reasonably create an appearance of partiality or bias amongst the parties;
(iii) the arbitrator should not involve in any legal proceeding and avoid any
potential conflict connected with any dispute to be arbitrated by him;
(iv) the arbitrator should not have been convicted of an offence involving
moral turpitude or economic offence;
(v) the arbitrator shall be conversant with the Constitution of India, principles of natural justice, equity, common and customary laws, commercial laws, labour laws, law of torts, making and enforcing the arbitral awards;
(vi) the arbitrator should possess robust understanding of the domestic and
international legal system on arbitration and international best practices in regard thereto;
(vii) the arbitrator should be able to understand key elements of contractual
obligations in civil and commercial disputes and be able to apply legal principles to a situation under dispute and also to apply judicial decisions on a given matter relating to arbitration; and
(viii) the arbitrator should be capable of suggesting, recommending or writing a reasoned and enforceable arbitral award in any dispute which comes before him for adjudication.
Download The Arbitration and Conciliation (Amendment) Act, 2019 Click Here >>
- Amendments to Companies (Corporate Social Responsibility Policy) Rules 2014
- CBDT notifies modified return of income to be furnished by a successor entity u/s 170A
- MCA increase capital and turnover threshold for small companies
- CBDT issues Additional Guidelines on applicability of TDS u/s 194R – CBDT Circular
- When appeal is pending before CIT(A), revision jurisdiction u/s 263 can not be exercised
addition u/s 68 ca misconduct cash deposit in bank CBDT cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty covid-19 CSR custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstr-1 GSTR-3B GST rates gst refund IBBI ibc itat mca circular MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 sebi circular sebi regulations transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes----------- Similar Posts: -----------