INTRODUCTION
Arbitration, one of the methods of Alternate Dispute Resolution
(ADR), was first introduced in India through the Arbitration Act,
1940. Later, after taking into consideration international models
like the UNCITRAL Model Law on International Commercial
Arbitration, arbitration in India was standardized and
institutionalized through the Arbitration and Conciliation Act,
1996 (Act). Over the years, several amendments
have been made to the Act. At the time when the Act was enacted,
arbitration was gaining popularity as a means of dispute resolution
mechanism as an alternative to litigation in India. The courts were
overburdened with excessive load of cases and the Act attracted
parties to this alternative to traditional route of litigation. The
Act ensured to incorporate provisions that limit judicial
interference in the dispute resolution process to achieve a
two-fold purpose, first, to provide some relief to the already
overburdened courts and second, not