A bill for establishing an international arbitration centre in Delhi was introduced in the Lok Sabha on Friday.
The New Delhi International Arbitration Centre Bill, 2018, introduced by Minister of State for Law P.P. Chaudhary, provides for the establishment of New Delhi International Arbitration Centre (NDIAC) for better management of arbitration in the country and to declare it an institution of national importance.
"Further, the undertakings of the International Centre for Alternative Dispute Resolution (ICADR) needs to be taken over without interfering with the activities and without adversely affecting the character of ICADR as a Society, so that the existing infrastructure and other facilities which have been set up by the public funds provided by the Government may be appropriately utilised for the overall development of institutional mechanism in arbitration," says the Bill's Statement of Objects and Reasons.
The Bill envisages appointment of persons of repute and having knowledge and expertise in institutional arbitration as Chairperson and Members of the NDIAC, whose object would be to bring targeted reforms to develop it as a flagship institution for domestic and international arbitration.
It will conduct arbitration in a professional manner in the most cost effective way.
The Bill also proposes to set up an Arbitration Chamber, which would empanel professional arbitrators at national and international level. An Arbitration Academy is also proposed to be set up by NDIAC to train arbitrators in India, so as to empower them to compete on par with reputed arbitral institutions.
--IANS
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