In the Middle Ages, when the East India Company began to take administrative control, the governments of the presidency of Bengal, Madras and Bombay adopted “regulations”. Modern arbitration law in India was created in 1772 by the Bengal regulations during British rule. Bengal`s regulation is provided for by a court on arbitration procedures, with the agreement of the parties, in lawsuits for accounts, partnership laws, and breach of contract, among others.    A Consultation Paper on ` Proposed Amendments to the Arbitration – Conciliation Act, 1996,Ministry of Law and Justice Government of India, p. 138-139, consulted by, lawmin.nic.in/la/consultationpaper.pdf The main reason for the criticism of the Arbitration Act of 1940 was that it allowed frequent judicial intervention in arbitration proceedings, rendering arbitration ineffective. The 1996 Act limited judicial intervention to a broader scope and only to the grounds provided by Section 34 of the Act. Chapter 5: Conciliation Section 61. Application and scope Section 62. Opening of a conciliation procedure Section 63.
Number of conciliators Section 64. Appointment of Conciliators Section 65. Reporting to The Conciliator Section 66. Conciliator not bound by certain sections of order Section 67. Role of Mediator Section 68. Mutual assistance Section 69. Communication between conciliators and section 70 parties. Cooperation between parties in simple section 72. Proposals from the parties on dispute resolution Section 73. Transaction agreement Section 74.
Status and effect of the Section 75 transaction agreement. Section 76- Closing of the conciliation procedure Section 77. Use of arbitration or court proceedings Section 78. Costs Section 79. Deposits Section 80. Role of the Conciliator in other Procedures Section 81. Admissibility of evidence in other proceedings – Additional Provisions Section 82. High Court`s jurisdiction to set rules section 83.
Elimination of Difficulties Section 84. Power to set rules section 85. Repeal and reduction section 86. Repeal of Regulation 27 of 1996 and Savings After amendment, these provisions (p. 9, 27 and 37 (3) (1))) would also apply to international trade arbitrations, even if the place of arbitration is not in India. This would apply, unless the parties agreed otherwise. Therefore, parties to foreign arbitration will receive no less remedies if the subject of the dispute is located in India or if, by others, the parties require an injunction from the Indian courts.