Arbitration and Conciliation Act 1996, The advent. #bestcriminallawyer #topcriminallawyerinkolkata

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The arbitration and conciliation act 1996 has been a statute that has always focused on overcoming the draw backs that the arbitration statute of 1940 had. The Hon’ble Supreme Court had, as far back as in 1981 had showcased its lament, on the slow and exasperating disposal of the procedure of arbitration in Guru Nanak Foundation vs Rattan Singh and Sons (1981) 4 SCC 634, and The Hon’ble Apex Court had gone onto term how arbitral proceedings were required because the courts of the land were interminable, time consuming, complex and expensive and the need for less formal, an alternative forum, for more effective and speedy resolutions were requisite, that is what made the arbitration and conciliation act 1996 ‘s advent and to interminably overcome the claptraps of arbitration and conciliation act 1940.

The Hon’ble Apex Court had further gone on to illustrate in Ramji Dayawala & Sons (P) Ltd. Vs Invest Import (1981) 1 SCC 80, wherein the Hon’ble Apex Court had justified the advent of arbitration and conciliation act 1996 and had said that the general court proceedings were protracted, time consuming, exasperating, and the same was the very reason for the initiation of the arbitration and conciliation act 1996.