Search this article on Google: Understanding Section 29B: The Fast Track Procedure in Arbitration and Conciliation Act
Understanding Section 29B: The Fast Track Procedure in Arbitration and Conciliation Act
In this article, legal experts at SimranLaw, a renowned law firm, will dissect this complex legal topic, providing readers with insights drawn from years of experience. Our aim is to deepen your understanding of law.
Section 29B: Fast Track Procedure
All disputes under the Fast Track procedure will be decided based on written pleadings, documents and submissions filed by the parties. There will be no oral hearing, unless the arbitrators deem it necessary for clarifying certain issues.
The award under the Fast Track procedure has to be made within six months from the date the arbitral tribunal enters upon the reference.
Advantages of Fast Track Procedure
- Speedy justice
- Efficient procedure
- Cost-effective as it reduces the time and resources spent on lengthy trials
- Provides certainty as the time frame is specified in the Act itself
Relevant Case Laws and Judgments
Fast Track Procedure is a relatively new concept in India. However, similar principles have been applied in a few cases with relevant judgments. These include:
SBP & Co. vs. Patel Engineering Ltd.: This case held that the timeframe of six months mentioned in Section 29B is directory, not mandatory.
Delhi Metro Rail Corporation vs. NCC Limited: The court examined the purpose of the fast track procedure and held that if parties have agreed for fast track arbitration, they should be bound by the mandate of the arbitrator.
Fast Track Arbitration under Section 29B of the Arbitration and Conciliation Act, 1996 provides an efficient method to resolve disputes quickly, but it also puts additional responsibility on the parties to present their case effectively within the given time frame.
Fast Track process may not be suitable for all kinds of disputes, especially complex ones that require detailed hearings. But for simpler issues, Fast Track provides an excellent opportunity to resolve disputes in a time-bound and cost-effective manner.