Parliament on Wednesday approved a Bill to amend the arbitration law.
On Wednesday, the Arbitration and Conciliation (Amendment) Bill, 2021 was passed through voice vote in the Rajya Sabha. The Bill was passed by the Lok Sabha on February 12, 2021.
The bill will replace an ordinance issued on November 4, 2020. The bill seeks to ensure that all stakeholders get an opportunity to seek unconditional stay on enforcement of arbitral awards where the agreement or contract is "induced by fraud or corruption".
Immediately after passage of the Bill, Deputy Chairman Harivansh adjourned the Rajya Sabha till Monday as opposition parties continued raising slogans demanding discussion on the three farm laws.
Earlier in the day, Rajya Sabha Chairman M Vainkaih Naidu had disallowed notices of suspension of business of the day to take up discussion on farm laws which led to adjournment of proceeding till 12 noon and then again till 2 pm.
Replying to the Bill in the House, Law Minister Ravi Shankar Prasad said it makes the provision to avoid payment of tax payers' money as award in those cases where the agreement or contract is "induced by fraud or corruption".