Center amends Fourth Schedule of Arbitration and Conciliation Act, 1996
View PDFOn November 12, the Legislative Department, Ministry of Law and Justice, issued a notification amending the Fourth Schedule of the Arbitration and Conciliation Act, 1996.The notification stated:In exercise of the powers conferred by sub-section (1) of Section 11A of the Arbitration and Conciliation Act, 1996 (26 of 1996), the Central Government, being satisfied that it is expedient to...
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On November 12, the Legislative Department, Ministry of Law and Justice, issued a notification amending the Fourth Schedule of the Arbitration and Conciliation Act, 1996.
The notification stated:
In exercise of the powers conferred by sub-section (1) of Section 11A of the Arbitration and Conciliation Act, 1996 (26 of 1996), the Central Government, being satisfied that it is expedient to do so, has made the following amendment in the Fourth Schedule to the said Act:
In the Arbitration and Conciliation Act, 1996, for the Fourth Schedule, the following Schedule shall be substituted:
THE FOURTH SCHEDULE [See sub-section (14) of Section 11]
• When the Sum in dispute is Up to Rs. 5,00,000, the Model fee would be Rs. 45,000.
• When the Sum in dispute is Above Rs. 5,00,000 and up to Rs. 20,00,000, the Model fee would be Rs. 45,000 plus 3.5 percent of the claim amount over and above Rs. 5,00,000.
• When the Sum in dispute is Above Rs. 20,00,000 and up to Rs. 1,00,00,000, the Model fee would be Rs. 97,500 plus 3 percent of the claim amount over and above Rs. 20,00,000.
• When the Sum in dispute is Above Rs. 1,00,00,000 and up to Rs. 10,00,00,000, the Model fee would be Rs. 3,37,500 plus 1 percent of the claim amount over and above Rs.1,00,00,000.
• When the Sum in dispute is Above Rs. 10,00,00,000 and up to Rs. 20,00,00,000, the Model fee would be Rs. 12,37,500 plus 0.75 percent of the claim amount over and above Rs. 10,00,00,000.
• When the Sum in dispute is Above Rs. 20,00,00,000, the Model fee would be Rs.19,87,500 plus 0.5 per cent. of the claim amount over and above Rs.20,00,00,000 with a ceiling of Rs.30,00,000.
The notification concluded, “In the event the arbitral tribunal is a sole arbitrator, he shall be entitled to an additional amount of twenty-five percent on the fee payable as per the above.”
To view the Official Notification in detail, please view the file attached herein.
