Lok Sabha passes New Delhi International Arbitration Centre BillDate: 11 July 2019 Tags: Bills & Laws
Lok Sabha passed New Delhi International Arbitration Centre Bill, 2019 by a voice vote. The Bill seeks to provide for establishment and incorporation of New Delhi International Arbitration Centre (NDIAC) for the purpose of creating independent and autonomous regime for institutionalized arbitration. It replaces Ordinance which was promulgated in March 2019.
Salient Features of Bill
- It proposes establishment of New Delhi International Arbitration Centre (NDIAC), an independent and autonomous institution for better management of arbitration in India.
- It aims at institutionalized domestic and international arbitration regime and establishing India as an International Hub of Arbitration.
- It declares NDIAC as an institution of national importance. It empowers it to conduct arbitration, mediation, and conciliation proceedings.
- Composition of NDIAC: It will consist of seven members including: (i) Chairperson who has been Judge of Supreme Court or High Court, or minent person with special knowledge and experience in t conduct or administration of arbitration, (ii) Two eminent persons having substantial knowledge and experience in institutional arbitration. They will be full time members (iii) Three ex-officio members including Secretary, Department of Legal Affairs, Ministry of Law & Justice, Financial Adviser nominated by Department of Expenditure, Ministry of Finance and Chief Executive Officer, NDIAC will be ex-officio Members. (iv) Representative from recognised body of commerce and industry, appointed as part-time member on a rotational basis.
- Objectives of NDIAC: (i) Promote research, provide training and organise conferences and seminars in alternative dispute resolution matters, (ii) Provide facilities and administrative assistance for conduct of arbitration, mediation and conciliation proceedings, and (iii) Maintain panel of accredited arbitrators, mediators and conciliators.
- Key functions of the NDIAC: (i) Facilitate conduct of arbitration and conciliation in professional, timely and cost-effective manner, and (ii) Promote studies in field of alternative dispute resolution.
- International Centre for Alternative Dispute Resolution (ICADR): The bill acquires and transfers undertakings of International Centre For Alternative Dispute Resolution (ICADR) to New Delhi International Arbitration Centre (NDIAC). ICADR is registered society to promote resolution of disputes through alternative dispute resolution methods such as arbitration and mediation.