Arbitration and Conciliation Act assist the judiciary in minimising the pending cases. It provides an alternative forum to the parties. Si, that they can resolve their disputes without paying much as a court fee or other legal charges. In addition, parties can get speedy resolution of their disputes.
In this article, we will get to know about the objective of the Arbitration and Conciliation Act. But why do you need to know about the objective?
What is the reason behind knowing the objective of the act?
The objective of the Act tells us the reason and how the act can be beneficial to us. Why the act was enacted and what was the reason for the Legislation behind it’s enactment.
The objective of Arbitration and Conciliation Act, 1996 is to cover the cases related to domestic and International Commercial Arbitration and Conciliation.
We know the importance of fair procedure but how the parties if Arbitration and Conciliation proceedings will get fair and transparent proceedings. So, the next objective of this act is to provide fair, effective and transparent proceedings.
Arbitral Proceedings are not Judicial Proceedings. So, the objective of the act is to minimise the intervention or supervision of the court in Arbitral Proceedings.
The objective is to ensure equality among the parties where the parties get their dispute resolved effectively and efficiently without being biased.
It’s objective is to enforce the final awards because if the Arbitral award isn’t enforced then there is no need for Arbitration among the parties.
In the case – Bharat Seva Sansthan v. U.P Electronic Corporation Limited (2007) – The court held that the main objective of the Arbitration and Conciliation Act, 1996 is to make provision for an Arbitral procedure and to minimise the supervisory role of courts in Arbitral process in settlement of Disputes.
