Preliminary: Q1. How did the Arbitration and Conciliation Act, 1996 amended? The Arbitration and Conciliation Act, 1996 came into force from 22nd August 1996. This Act was amended to provide a speedy solution to disputes and to limit judicial intervention. It covers both domestic and international arbitration and conciliation. It consists of 86 Sections, 4 Parts, and Eight Schedule as per the Arbitration and Conciliation (Amendment) Act, 2019 amendment. Part-I contains 10 Chapters, Part-II contains 2 chapters. Part-I, III & IV extend to the State of Jammu and Kashmir as far as they relate to international commercial arbitration or international commercial conciliation.

Q1. How did the Recovery of Debt Due to Bank and Financial Institution Act, 1993 amend? The RDB Act is established to form two agencies namely Debt Recovery Tribunal and Debt Recovery Appellate Tribunal for performing extraordinary forces for arbitration of debt recovery matters. It came into existence on 24th June 1993. The Act consists of 37 sections. It extends through India except Jammu and Kashmir.

How the Central Registry shall be commenced? The Central Government by notification can set up a registry called Central Registry with its own seal for the purpose of registration of transaction of securitization and reconstruction of financial assets and creation of security interest under this act.The head office of the Central Registry shall be at any place specified by the Central Government and shall establish branch offices of Central Registry by the Central Government.

How the SARFAESI Act, 2002 enacted? The Act was enacted on 17th December, 2002 and commenced on 21st June, 2002, as it extends to the whole of India. It is applied to Co-operative banks as well as commercial banks. There are 42 Sections, VI Chapters, and 1 Schedule in the SARFAESI Act.