CHAPTER 12 - SPECIAL COURTS, TRIBUNAL UNDER COMPANIES ACT AND OTHER LEGISLATION
Section 58 of the Companies (Amendment) Act, 2020 has amended Section 410 of the Companies Act, 2013 “Constitution of Appellate Tribunal”
in the opening portion, the words “not exceeding eleven” is omitted;
Details of Changes:
The restriction on the appointment of the number of judicial and technical members in the Appellate Tribunal by the Central Government has been removed.
Section 59 of the Companies (Amendment) Act, 2020 has inserted a new Section 418A of the Companies Act, 2013 “Benches of Appellate Tribunal”
Section 418A- (1) The powers of the Appellate Tribunal may be exercised by the Benches thereof to be constituted by the Chairperson: Provided that a Bench of the Appellate Tribunal shall have at least one Judicial Member and one Technical Member. The Benches of the Appellate Tribunal shall ordinarily sit at New Delhi or such other places as the Central Government may, in consultation with the Chairperson, notify: Provided that the Central Government may, by notification, after consultation with the Chairperson, establish such number of Benches of the Appellate Tribunal, as it may consider necessary, to hear appeals against any direction, decision or order referred to in section 53A of the Competition Act, 2002 and under section 61 of the Insolvency and Bankruptcy Code, 2016.
CHAPTER 13 - ARBITRATION AND CONCILIATION ACT, 1996
The Arbitration and Conciliation (Amendment) Act, 2021 amends the Arbitration and Conciliation (Amendment) Act, 2021
Hon’ble President of India promulgated ‘The Arbitration and Conciliation (Amendment) Ordinance, 2020’ on November 04, 2020 with an objective to ensure that all the stakeholder parties get an opportunity to seek unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement or contract or making of the arbitral award are induced by fraud or corruption. Amendments in the ordinance inter-alia include amendments to Section 43J of Arbitration and Conciliation Act, 1996, which prescribes qualification, experience and norms for accreditation of arbitrators, is substituted with the following section.
43J. The qualifications, experience and norms for accreditation of arbitrators shall be such as may be specified by the Regulations.
Accordingly, the qualifications for appointment as arbitrators, which were earlier prescribed in the principal Act, will now be through Regulations.
By Adv. Chirag Chotrani - (Yes Academy)