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INTRODUCTION Arbitration as a dispute resolution mechanism has evolved through time ever since its inception in 1940. The current legislation, the Arbitration, and Conciliation Act, 1996, too purports to make arbitration an effective and meaningful dispute resolution mechanism. The nature of arbitration proceedings is such as to provide for alternative dispute redressal system wherein parties to the dispute consent to resolution through a tailored procedure that suits the parties. The ultimate fruit of the tree