New Delhi International Arbitration Centre Bill 2019 06/07/2019 – Posted in: Daily News – Tags:

NEW DELHI INTERNATIONAL ARBITRATION CENTRE BILL 2019

 

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News Flash

A Bill to set up an international arbitration was introduced in Lok Sabha.

The bill is a crucial step to strengthen the alternative dispute resolution mechanism.

 

Highlights: New Delhi International Arbitration Centre Bill 2019

  • It provides for setting up of an independent and autonomous body for institutional arbitration.
  • The bill also wants 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.
  • Upon notification by the central government, all the rights, title, and interest in the ICADR will be transferred to the NDIAC.
  • The bill also demands the Speedy appointment of arbitrators through designated arbitral tribunals.
  • Also, the bill seeks to declare the NDIAC as an institution of national importance.
  • 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 the arbitration.

 

Objectives of New Delhi International Arbitration Centre Bill 2019

(i) Promoting research, providing training and organising conferences and seminars in alternative dispute resolution matters.

(ii) Providing facilities and administrative assistance for the conduct of arbitration, mediation and conciliation proceedings.

(iii) Maintaining a panel of accredited arbitrators, mediators and conciliators.

 

Functions of New Delhi International Arbitration Centre Bill 2019

(i) Facilitating the conduct of arbitration and conciliation in a professional, timely and cost-effective manner

(ii) Promoting studies in the field of alternative dispute resolution.

 

Institutional Support

  • The bill specifies that the NDIAC will establish a Chamber of Arbitration. It will maintain a permanent panel of arbitrators.
  • NDIAC may also establish an Arbitration Academy for training arbitrators and conducting research in the area of alternative dispute resolution.

 

International Centre for Alternative Dispute Resolution (ICADR)

The ICADR is a registered society to promote the resolution of disputes through alternative dispute resolution methods (such as arbitration and mediation).

 

Source: The Hindu

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