PremiumNew Delhi: The Union Cabinet on Wednesday approved a bill for the creation of an independent and autonomous regime for institutionalised domestic and international arbitration.
The New Delhi International Arbitration Centre (NDIAC) Bill, 2019, which seeks to replace an ordinance issued in March this year by the previous government will be introduced in the coming session of Parliament beginning Monday.
A statement issued by the government said the Bill provides for setting up of an independent an autonomous body for institutional arbitration and to acquire and transfer the 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.
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.
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