CONTEXT:

• The Union Cabinet has cleared the New Delhi International Arbitration Centre (NDIAC) Bill, 2019.
• The Bill provides for setting up of an independent and autonomous body for institutional arbitration.
• It also aims to acquire and transfer the undertakings of International Centre For Alternative Dispute Resolution to New Delhi International Arbitration Centre (NDIAC) w.e.f 2nd March 2019
• Establishment of NDIAC for resolving international and domestic commercial disputes will facilitate India becoming a hub for institutional arbitration. The benefits of institutionalized arbitration will be manifold for the Government and its agency and to the parties to a dispute.
• This will result in quality experts being available in India and is advantageous in terms of cost incurred.
• The Bill provides to replace and repeal the NDIAC Ordinance, 2019 will be introduced in the ensuing session of parliament.