Parliament has passed a New Delhi International Arbitration Centre (NDIAC) Bill, 2019, which seeks to replace an ordinance issued in March this year & to set up an independent and autonomous regime for institutionalised domestic and international arbitration in India.
The Bill provides for setting up an independent and autonomous regime for institutionalised domestic and international arbitration and to acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from March 2 this year.
The upper house also passed the amendment in the Arbitration and Conciliation (Amendment) Bill Act, 2019 that seeks to make changes in the existing law of 1996.
Objectives of Bill : Creation of NDIAC as an independent and autonomous regime for institutionalized domestic and international arbitration and establishing India as an International Hub of Arbitration.
Status : The legislation has provision to declare the NDIAC as an institution of national importance.
Composition :
The 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 experience in arbitration to be appointed by the Central Government in consultation with the Chief Justice of India.
Besides, it will also have two Full-time or Part-time Members from amongst eminent persons having experience in arbitration.
In addition, one representative of a recognized body of commerce and industry shall be nominated on rotational basis as a Part-time Member.
The 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.
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