Arbitration is a process where the parties opt for a private (binding) dispute resolution by arbitrator(s) instead of going to court. In India, the Arbitration and Conciliation Act, 1996 (the Act), governs arbitration. The said Act, which is a composite piece of legislation, is based on the 1985 UNICITRAL Model Law on International Commercial Arbitration and the UNCITRAL Arbitration Rules 1976, and provides for domestic arbitration; international commercial arbitration; enforcement of foreign award and conciliation (the latter being based on the UNCITRAL Conciliation Rules of 1980).
In 2016, India enacted the Insolvency and Bankruptcy Code, 2016 (IBC/Code) repealing the earlier statute i.e. Sick Industrial Companies Act (SICA). The IBC was enacted with the following object:
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