Parliament on Thursday passed a a bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration in India.
The New Delhi International Arbitration Centre (NDIAC) Bill, 2019, which seeks to replace an ordinance issued in March this year by the previous government, was passed by Rajy Sabha.
The Bill was already passed by Lok Sabha on July 10.
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