Which of the following statements is/are correct with reference to the Arbitration and Conciliation (Amendment) Bill, 2021?

A. The legislation seeks to amend the Arbitration and Conciliation Act, 1996.

B. It provides unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruption.

C. Both A & B

D. None of these

Explanation:

The Parliament gave its nod to the Arbitration and Conciliation (Amendment) Bill, 2021. The Lok Sabha has already passed the bill last month. The legislation seeks to amend the Arbitration and Conciliation Act, 1996. It provides unconditional stay of enforcement of arbitral awards, where the underlying arbitration agreement, contracts or arbitral award is induced by fraud or corruption.