Question 1

Which one of the following is the most important item of expenditure of the Government of India on revenue account?

Accepted Answer

A revenue account includes all the revenue receipts also known as current receipts of the government. These receipts include tax revenues and other revenues of the government. Revenue expenditure includes expenses which are not used for the creation of assets or repayment of liabilities. These basically include the current expenses of the government. For example, pensions, giving subsidies, interest payments are instances of revenue expenditure. Out of these, interest payments which include interest payments on government debt-including long-term bonds, long-term loans, and other debt instruments--to domestic and foreign residents, is the most important.

Question 2

An arbitral award shall be enforced in the same manner as if it were a decree of _______.

Accepted Answer

According to the Arbitration and Conciliation Act, 1996, an Arbitral Award, shall be in writing, shall be signed by members of Arbitral Tribunal, shall state the reasons on which the Award is based, date and place of arbitration shall be decided. The Act provides that after passing the Award, a signed copy of the Award shall be delivered to each party.

Question 3

The power of court to refer parties for arbitration would and must necessarily include, imply and inhere in it ______.

Accepted Answer

This has been covered under the Section 8 of the Arbitration and Conciliation Act, 1996. The language of section is peremptory in nature. Therefore, in cases where there is an arbitration clause in the agreement, it is obligatory for the court to refer the parties in arbitration in terms of their arbitration agreement and nothing remains to be decided in the original action after such an application is made except to refer the dispute to an arbitrator.

Question 4

An arbitral award ______.

Accepted Answer

According to the Arbitration and Conciliation Act, 1996, an Arbitral Award, shall be in writing, shall be signed by members of Arbitral Tribunal, shall state the reasons on which the Award is based, date and place of arbitration shall be decided. The Act provides that after passing the Award, a signed copy of the Award shall be delivered to each party.

Question 5

The arbitral tribunal has the jurisdiction to _______.

Accepted Answer

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Question 6

A person appointed by two parties to settle a dispute is known as ______.

Accepted Answer

Arbitration is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the &#34;arbitrators&#34;, or &#34;arbitral tribunal&#34;), by whose decision the &#34;award&#34; they agree to be bound. An arbitrator serves as the decision-maker and referee in an arbitration proceeding, much like a judge during a court case.

Question 7

An arbitral award becomes enforceable when _______.

Accepted Answer

If the objections to the award are not sustained (or if there are no objections within the time allowed) the award itself becomes enforceable as if it were a decree of the court. According to the Arbitration and Conciliation Act, 1996, an Arbitral Award, shall be in writing, shall be signed by members of Arbitral Tribunal, shall state the reasons on which the Award is based, date and place of arbitration shall be decided. The Act provides that after passing the Award, a signed copy of the Award shall be delivered to each party.

Question 8

After the arbitral award is made, each party shall be delivered _______.

Accepted Answer

According to the Arbitration and Conciliation Act, 1996, an Arbitral Award, shall be in writing, shall be signed by members of Arbitral Tribunal, shall state the reasons on which the Award is based, date and place of arbitration shall be decided. The Act provides that after passing the Award, a signed copy of the Award shall be delivered to each party.

Question 9

Which one of the following is incorrect statement ?

Accepted Answer

According to the Arbitration and Conciliation Act, 1996, an Arbitral Award, shall be in writing, shall be signed by members of Arbitral Tribunal, shall state the reasons on which the Award is based, date and place of arbitration shall be decided. The Act provides that after passing the Award, a signed copy of the Award shall be delivered to each party.

Question 10

An arbitral award made under Part $1$ of the Arbitration and Conciliation Act, $1996$ shall be considered as a ___________.

Accepted Answer

Under Arbitration and Conciliation Act, 1996Chapter I: General ProvisionsSection 2: DefinitionsSection2(7) an arbitral award made under this, part shall be considered as a domestic award.In an arbitration proceeding, an award passed under the provision of section 2 to 43 of Arbitration and Conciliation Act, 1996 is called domestic award. These are dispute between parties of nation and within the country.Under Part II Enforcement of certain foreign awards, section 44 defines a foreign award ,it reads as follows:Unless the context otherwise requires foreign award means an arbitral award on differences between person arising out of legal relationships, whether contractual or not, considered as commercial under the Law in force in India, made on or after the 11th day of October 1960.

Administrative Tribunal

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REVISE WITH CONCEPTS

Tribunal

Which one of the following is the most important item of expenditure of the Government of India on revenue account?

An arbitral award shall be enforced in the same manner as if it were a decree of _______.

The power of court to refer parties for arbitration would and must necessarily include, imply and inhere in it ______.

An arbitral award ______.

The arbitral tribunal has the jurisdiction to _______.

A person appointed by two parties to settle a dispute is known as ______.

An arbitral award becomes enforceable when _______.

After the arbitral award is made, each party shall be delivered _______.

Which one of the following is incorrect statement ?

An arbitral award made under Part $1$ of the Arbitration and Conciliation Act, $1996$ shall be considered as a ___________.

Administrative Tribunal

Language

Rate

REVISE WITH CONCEPTS

Tribunal

Which one of the following is the most important item of expenditure of the Government of India on revenue account?

An arbitral award shall be enforced in the same manner as if it were a decree of _______.

The power of court to refer parties for arbitration would and must necessarily include, imply and inhere in it ______.

An arbitral award ______.

The arbitral tribunal has the jurisdiction to _______.

A person appointed by two parties to settle a dispute is known as ______.

An arbitral award becomes enforceable when _______.

After the arbitral award is made, each party shall be delivered _______.

Which one of the following is incorrect statement ?

An arbitral award made under Part 1 of the Arbitration and Conciliation Act, 1996 shall be considered as a ___________.

An arbitral award made under Part $1$ of the Arbitration and Conciliation Act, $1996$ shall be considered as a ___________.