New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following is a part of Fast track

    arbitration?
    A Parties may omit oral hearing. Correct Answer Incorrect Answer
    B Parties only conduct oral hearing Correct Answer Incorrect Answer
    C There are only two arbitrators appointed. Correct Answer Incorrect Answer
    D Procedure is completed in 15 days Correct Answer Incorrect Answer
    E Procedure is completed in 3 months Correct Answer Incorrect Answer

    Solution

    As per s. 29B of The Arbitration and Conciliation Act, 1996 29B. Fast track procedure.-- (1) Notwithstanding anything contained in this Act, the parties to an arbitration agreement, may, at any stage either before or at the time of appointment of the arbitral tribunal, agree in writing to have their dispute resolved by fast track procedure specified in sub-section (3). (2) The parties to the arbitration agreement, while agreeing for resolution of dispute by fast track procedure, may agree that the arbitral tribunal shall consist of a sole arbitrator who shall be chosen by the parties. (3) The arbitral tribunal shall follow the following procedure while conducting arbitration proceedings under sub-section (1):-- (a) The arbitral tribunal shall decide the dispute on the basis of written pleadings, documents and submissions filed by the parties without any oral hearing; (b) The arbitral tribunal shall have power to call for any further information or clarification from the parties in addition to the pleadings and documents filed by them; (c) An oral hearing may be held only, if, all the parties make a request or if the arbitral tribunal considers it necessary to have oral hearing for clarifying certain issues; (d) The arbitral tribunal may dispense with any technical formalities, if an oral hearing is held, and adopt such procedure as deemed appropriate for expeditious disposal of the case.     Discussed in the class and also in course videos as an important topic and questionable area.

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