Amendment status not verified — confirm the current text below against the official source.
After the Third Schedule to the principal Act, the following new Schedules shall be inserted, namely:— ‘THE FOURTH SCHEDULE [See section 11 (14)] Sum in dispute Model fee Up to Rs. 5,00,000 Rs. 45,000 Above Rs. 5,00,000 and up to Rs. 45,000 plus 3.5 per cent. of the claim amount Rs. 20,00,000 over and above Rs. 5,00,000 Above Rs. 20,00,000 and up to Rs. 97,500 plus 3 per cent. of the claim amount Rs. 1,00,00,000 over and above Rs. 20,00,000 Above Rs. 1,00,00,000 and Rs. 3,37,500 plus 1 per cent. of the claim amount up to Rs. 10,00,00,000 over and above Rs. 1,00,00,000 Above Rs. 10,00,00,000 and up to Rs. 12,37,500 plus 0.75 per cent. of the claim Rs. 20,00,00,000 amount over and above Rs. 1,00,00,000 Above Rs. 20,00,00,000 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 Note:— In the event, the arbitral tribunal is a sole arbitrator, he shall be entitled to an additional amount of twenty-five per cent. on the fee payable as per the table set out above. THE FIFTH SCHEDULE [See section 12 (1)(b)] The following grounds give rise to justifiable doubts as to the independence or impartiality of arbitrators: Arbitrator’s relationship with the parties or counsel