By JUSTICE BACHAWAT

The Arbitration and Conciliation Act, 1996 was a natural outgrowth of the process of economic liberalisation that began in 1991. Foreign investment and trade grew rapidly during the early 1990s as a result of the economic reform process. But it soon became clear that the Indian Arbitration Act, 1940 did not provide a speedy, effective and transparent mechanism to address disputes arising out of foreign trade and investment transactions. The 1996 Act, which is based on the UNCITRAL Model Law on International Commercial Arbitration, was passed to fill this emerging need. The 1996 Act repeals and replaces the 1940 Act, the Arbitration (Protocol and Convention) Act, 1937 and the Foreign Awards (Recognition and Enforcement) Act, 1961. Among other important changes, it also limits the role of the courts in the arbitral process. I have no doubt, therefore, that we are in for exciting developments in the law and procedure of arbitration in India.

The Fourth Edition 2005 in 2 Volumes of Bachawat\\\'s Law of Arbitration presents the changes in Indian arbitration law as a result of the 1996 Act clearly and precisely. To take account of the changes brought about by the 1996 Act, it incorporates explanatory material as well as important judicial decisions on the UNCITRAL Model Law not merely of the higher courts in India but also of the courts in the other great arbitration centres. This approach is entirely in keeping with the views of the Supreme Court of India. In Sundaram Finance v. NEPC India Ltd., AIR 1999 SC 565, the Supreme Court pointed out that interpretation of the 1996 Act should not be based on provisions of the old Act but on UNCITRAL reports, explanatory notes and analysis of the Model Law.

The fourth edition 2005 in 2 Volumes running into 3150(approx.) pages containing more than 15000 case references presents the Law of Arbitration based on 1996 Act. To take account of the changes brought about by the 1996 Act, it incorporates explanatory material as well as important judicial decisions on the UNCITRAL Model Law not merely of the higher courts in India but also of the courts in the other great arbitration centres. Although the fourth edition follows the broad organisation of the 1996 Act, it also preserves the original topic-wise analysis under each provision of the 1996 Act that was followed by the Original Author. It is important to remember, however, that the 1996 Act does not render judicial decisions on the 1940 Act completely irrelevant. From the standpoint of a practising lawyer, these decisions remain important for two reasons. First, arbitration proceedings that were commenced prior to the introduction of the 1996 Act continue to be governed by the 1940 Act. Second, some of the provisions of the 1996 Act are based on concepts that are also found in the 1940 Act. For this reason, Justice Bachawat\\\'s commentary has been retained in its original form wherever it was found to be still applicable. Although the fourth edition 2005 in 2 volumes follows the broad organisation of the 1996 Act, it also preserves the original topic-wise analysis under each provision of the 1996 Act that was followed in the previous editions.

Published Year: 2005 Format: n/a ISBN: INAL1 Publisher: Lexis Nexis Butterworths Wadhwa Nagpur No of Pages: 3150 Our Price: India. Rs. 2,390.00 Reviews: 0 reivew(s).

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