15.
The answer is: D
Explanation
The correct option is D: 1996.
The Arbitration and Conciliation Act, 1996 is an Act that regulates domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as well as conciliation in India. The Act was enacted by the Parliament of India on August 16, 1996 and came into force on August 22, 1996. The Act repealed the previous laws relating to arbitration, such as the Arbitration Act, 1940, the Arbitration (Protocol and Convention) Act, 1937 and the Foreign Awards (Recognition and Enforcement) Act, 1961. The Act was based on the UNCITRAL Model Law on International Commercial Arbitration, 1985 and the UNCITRAL Conciliation Rules, 1980. The Act aimed to consolidate and amend the law relating to arbitration and conciliation in India and to make it more efficient, speedy and less costly.
The other options are incorrect for the following reasons:
Option A: 1992 is not the year when the Arbitration and Conciliation Act was enacted in India. It was the year when the Law Commission of India submitted its 176th Report on the Arbitration and Conciliation Bill, 1992, which was a draft bill based on the UNCITRAL Model Law. The Bill was later revised and introduced in the Parliament in 1995.
Option B: 1993 is not the year when the Arbitration and Conciliation Act was enacted in India. It was the year when the Supreme Court of India delivered a landmark judgment in Renusagar Power Co. Ltd. v. General Electric Co., which laid down the principles for enforcement of foreign arbitral awards in India under the Foreign Awards (Recognition and Enforcement) Act, 1961.
Option C: 1994 is not the year when the Arbitration and Conciliation Act was enacted in India. It was the year when India ratified the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958, also known as the New York Convention, which is one of the most widely accepted international treaties on arbitration.