Arbitral Tribunal Have Same Power As Court To Grant Interim Relief

Arbitration is the preferred method of resolution for disputes arising from commercial contracts bearing the arbitration clause and commercial transactions. At times, access to interim relief becomes critical to safeguard the parties interests, such as when one of the parties attempts to alienate the assets which form the subject matter of the dispute.. Therefore, the Arbitration and Conciliation Act, 1996 (Hereinafter, "A&C Act) allows parties to obtain interim relief from the courts¹ or their arbitral tribunal², as the case may be. The Arbitration and Conciliation (Amendment) Act, 2015 which came into force on 23 October, 2015, has brought the powers of arbitral tribunals and courts at par when it comes to awarding interim relief.