Short Note : New Delhi International Arbitration Centre Bill
The New Delhi International Arbitration Centre Bill replaces a previous New Delhi International Arbitration Centre Ordinance that was promulgated in March, 2019.
Salient Features of the bill
- The bill will provide for the establishment of a New Delhi International Arbitration Centre (NDIAC).
- The NDIAC will conduct arbitration, mediation, and conciliation proceedings and will be an institution of national importance.
- It will consist of seven members which will include (i) a Chairperson (former Judge of the Supreme Court or a High Court, or an eminent person with special knowledge and experience in the conduct or administration of arbitration), (ii) two eminent persons having substantial knowledge and experience in institutional arbitration, (iii) three ex-officio members, including a nominee from the Ministry of Finance and a Chief Executive Officer (responsible for the day-to-day administration of the NDIAC), and (iv) a representative from a recognised body of commerce and industry, appointed as a part-time member, on a rotational basis.
- These members will hold office for three years and can be re-appointed.
- The retirement age for the Chairperson has been fixed at 70 years and for other members, at 67 years.
- The functions of the NDIAC will be to facilitate the conduct of arbitration and conciliation in a professional, timely and cost-effective manner and promote studies in the field of alternative dispute resolution.
International Centre for Alternative Dispute Resolution (ICADR)
The ICADR is a registered society that has to promote dispute resolution through alternative dispute resolution methods like arbitration and mediation. All the rights, title, and interest in the ICADR are to be transferred to the NDIAC via the earlier ordinance.