AMN / WEB DESK
Parliament today passed the New Delhi International Arbitration Centre (Amendment) Bill, 2022 with Rajya Sabha approving it today unanimously. Lok Sabha has already passed the Bill.
The Bill amends the New Delhi International Arbitration Centre Act, 2019. The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre. The Act requires the Arbitration Centre to strive to facilitate the conduct of international and domestic arbitration and conciliation and the new legislation expands this to include the conduct of other forms of alternative dispute resolution.
The manner of conduct of arbitration and other forms of alternative dispute resolution will be specified by the Central government through regulations. The Bill also allows the government to provide for removing any difficulties in implementing the Act up to five years from the date of commencement of the Act.
Replying to a debate on the bill in the House, Union Minister for Law and Justice Kiren Rijiju said that the Bill has been brought for the very limited amendment but is important. He said, this Centre is not only for Delhi but will be for the whole India and also for the people as parties coming from abroad. He said, therefore, the amendment has been proposed to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre. He assured the House that the sanctity of the Centre will be maintained. He said, the authority, independence and credibility of the Centre will not be compromised and there will be no interference from the government.
He said, the government wants to assure the Indian business community that they can get the right arbitration award in their county and they need not go outside. He said, there is a need to move towards institutionalised arbitration in lieu of ad-hoc arbitration in the country. He said, the government has provided 75 lakh rupees to the Centre and the proposal for the appointment of the Chairman and two expert members has already been made. On the issue of pending cases in different levels of courts, Mr Rijiju said, the Government will do everything to reduce the pendency and in this regard, a number of steps have been taken.
Initiating the discussion on the Bill, Vivek K Tankha of Congress while supporting the legislation urged the Government to take steps to make India a great destination for arbitration. He said, it is a welcome step of renaming the New Delhi International Arbitration Centre as the India International Arbitration Centre.
Sushil Kumar Modi of the BJP raised the issue of pending cases at different Courts in the country. He said, the current system of arbitration is not institutionalised and through this Bill, the Government is making it institutionalised. He said, the Government wants to make India a hub of arbitration centres so that parties from other countries can also opt for India for dispute resolution like they visit Singapore. Members from other political parties also participated in the discussion.