The previous bill had lapsed with the dissolution of 16th Lok Sabha.
The bill was moved in the Lok Sabha by Union Law Minister Ravi Shankar Prasad and it provides for the establishment of the NDIAC to conduct arbitration, mediation and conciliation proceedings.
A person familiar with the developments said that the bill provides for setting up of an autonomous body for institutional arbitration which will grade arbitral institutions and accredit arbitrators by laying down norms and take steps as may be necessary to encourage arbitration, mediation, conciliation and other alternative dispute resolution mechanisms. The council shall also maintain the depository of all arbitral awards.
The salient features of the bill are speedy appointment of arbitrators through designated arbitral tribunals, set up by the Supreme Court and high courts, without having to reach court in any matter.
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.