• 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.