The Lok Sabha on Wednesday cleared the New Delhi International Arbitration Centre Bill, 2019. The Bill, which replaces an Ordinance promulgated in March this year, provides for the incorporation of the New Delhi International Arbitration Centre (NDIAC) for creating an autonomous regime for institutionalised arbitration.
The Bill, moved by Union Law Minister Ravi Shanker Prasad, has a provision to declare the NDIAC as an Institution of National Importance. The Minister said the Centre will be headed by a chairperson, who has been a judge of the Supreme Court or a High Court or an eminent person having special knowledge and experience in the administration of arbitration.
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