New Delhi International Arbitration Centre Bill
The New Delhi International Arbitration Centre Bill has been passed by both the houses of parliament.
Features of the Bill
- The bill provides for the establishment of New Delhi International Arbitration Center (NDIAC) as an institute of National Importance.
- 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.
- NDIAC chairperson will be appointed by the Central Government in consultation with the Chief Justice of India.
- Besides there would be two Full time or Part-time Members from amongst eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international.
- Further, one representative of a recognised body of commerce and industry shall be chosen on a rotational basis as a Part-time Member.
- The ex-officio Members NDIAC will be Secretary, Department of Legal Affairs, Financial Adviser nominated by the Department of Expenditure and Chief Executive Officer, NDIAC.
Objectives of NDIAC
- To bring targeted reforms to develop itself as a flagship institution for conducting international and domestic arbitration.
- To provide facilities and administrative assistance for conciliation mediation and arbitral proceedings;
- To maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators;
- To facilitate conducting of international and domestic arbitrations and conciliation in the most professional manner;
- To provide cost-effective and timely services for the conduct of arbitrations and conciliations at Domestic and International level;
- To promote studies in the field of alternative dispute resolution and related matters, and to promote reforms in the system of settlement of disputes; and
- To co-operate with other societies, institutions and organisations, national or international for promoting alternative dispute resolution.
The bill seeks to replace the New Delhi International Arbitration Centre Ordinance, 2019 promulgated on March 2, 2019.