1. The Central Government shall maintain a panel of experts to be called as the Mediation and Conciliation Panel consisting of such number of experts having such qualifications as may be prescribed for mediation between the parties during the pendency of any proceedings before the Central Government or the Tribunal or the Appellate Tribunal under this Act.
2. Any of the parties to the proceedings may, at any time during the proceedings before the Central Government or the Tribunal or the Appellate Tribunal, apply to the Central Government or the Tribunal or the Appellate Tribunal, as the case may be, in such form along with such fees as may be prescribed, for referring the matter pertaining to such proceedings to the Mediation and Conciliation Panel and the Central Government or Tribunal or the Appellate Tribunal, as the case may be, shall appoint one or more experts from the panel referred to in sub-section (1 ).
3. The Central Government or the Tribunal or the Appellate Tribunal before which any proceeding is pending may, suo motu , refer any matter pertaining to such proceeding to such number of experts from the Mediation and Conciliation Panel as the Central Government or the Tribunal or the Appellate Tribunal, as the case may be, deems fit.
4. The fee and other terms and conditions of experts of the Mediation and Conciliation Panel shall be such as may be prescribed.
5. The Mediation and Conciliation Panel shall follow such procedure as may be prescribed and dispose of the matter referred to it within a period of three months from the date of such reference and forward its recommendations to the Central Government or the Tribunal or the Appellate Tribunal, as the case may be.
6. Any party aggreived by the recommendation of the Mediation and Conciliation Panel may file objections to the Central Government or the Tribunal or the Appellate Tribunal, as the case may be.
Legal Commentary & Landmark Judgments: Section 442
Section 442 institutionalizes alternative dispute resolution within company jurisprudence by empowering the Central Government to maintain a Mediation and Conciliation Panel for voluntary or tribunal-referred dispute resolution.
In bitter Section 241-242 oppression petitions between family factions or joint-venture partners, move an early joint application under Section 442; mediated settlements ratified by NCLT become executable decrees under Section 424, avoiding years of appellate litigation.