New Delhi International Arbitration Centre Bill, 2019 gets Cabinet’s nod - (12 Jun 2019)
The Union Cabinet chaired by Prime Minister approves New Delhi International Arbitration Centre Bill, 2019 (NDIAC) to achieve aim of making India a hub of International Arbitration. The Bill replaces the New Delhi International Arbitration Centre Ordinance, 2019, promulgated by President on 2nd March, 2019 for the creation of an independent and autonomous regime for institutionalized domestic and international arbitration.
A High-Level Committee (HLC), headed by Mr. Justice B.N. Srikrishna, former Judge of the Supreme Court of India, was constituted in the year 2017. The HLC recommended that, the Government may take over the International Centre for Alternative Dispute Resolution (ICADR), an existing institution which has been established in the year 1995, using the public funds and develop it as an Institution of National Importance.
As proposed, the New Delhi International Arbitration Centre (NDIAC) will be headed by a Chairperson, who has been a Judge of the Supreme Court or a Judge of a High Court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration, law or management, to be appointed by the Central Government in consultation with the Chief Justice of India.
The institutionalized arbitration will benefit both Government and its agency and to the parties to a dispute. It will facilitate India becoming a hub for institutional arbitration. It is expected to bring targeted reforms to develop itself as a flagship institution for conducting international and domestic arbitration. Further, it would provide facilities and administrative assistance for conciliation, mediation and arbitral proceedings. Bill aims to provide cost effective and timely services for the conduct of arbitrations and conciliations at Domestic and International level. The Bill New Delhi International Arbitration Centre (NDIAC) Bill, 2019 will be introduced in the ensuing session of Parliament.
Tags : ARBITRATION CENTRE BILL APPROVAL