Union Cabinet cleared NDIAC Bill, 2019 on institutionalised arbitration
17, Jun 2019
Prelims level :
Mains level :
- The Union Cabinet has cleared the New Delhi International Arbitration Centre (NDIAC) Bill, 2019, which 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) with effect from March 2 this year.
- The Bill provides to replace and repeal the NDIAC Ordinance, 2019.
- The proposed New Delhi International Arbitration Centre is 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.