A bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration was introduced in Lok Sabha on Wednesday. The New Delhi International Arbitration Centre (NDIAC) Bill, 2019, seeks to replace an ordinance issued in March this year by the previous government. It provides for setting up of an independent and autonomous body for institutional 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. Opposing the introduction of the Bill, Congress member Shashi Tharoor said the arbitration body should be autonomous and independent of government as several public sector undertaking will be a party to it. Tharoor also urged the minister to withdraw the bill and come with a stronger bill. Law Minister Ravi Shankar Prasad, who moved the bill, said the existing arbitration body has resolved 55 cases in 25 years. He said the government was keen to see India emerge as an international arbitration hub. Seeking to assuage concerns over the bill, Prasad said he will respond to all concerns when replying to the debate when the draft law comes up for passage. The proposed New Delhi International Arbitration Centre 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.
International Arbitration Centre Bill introduced in Lok Sabha

Related Posts

Amit Shah targets Rahul Gandhi over UPA-era defence deal
BJP president Amit Shah Saturday cited a media report to attack Congress chief Rahul Gandhi over a defence deal under ...

Proxy voting to NRIs: Govt to introduce fresh bill lapsed in Lok Sabha
The Union cabinet will take a call Monday to introduce a fresh bill in Parliament to extend the facility of ...

Time magazine article author a Pakistani, pursuing Pak’s agenda of maligning PM Modi: BJP
The BJP on Saturday slammed a Time magazine article, which called Prime Minister Narendra Modi divider in chief, as an ...