VINIT WAHI / NEW DELHI
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.