How effective is the Arbitration mechanism in India?

Indian Arbitration Act 1996 which was enacted in the lines of UNICIRAL Model law on Arbitration and hence Arbitration procedure in India is not in any way different from any of the developed countries. If an award is passed by an Arbitration tribunal, it is almost final because the Appeal provision as per S.34 of the above said Act allows only a few grounds on which the arbitration award can be challenged. Moreover many arbitration institutions in India have their own rules and regulations to make the arbitration transparent and speedy. Hence the Arbitration mechanism in India is fast and safe. In many cases the arbitration proceedings including the appeals concluded within 12 months time.