The Union Cabinet has approved the New Delhi International Arbitration Centre (NDIAC) Bill, 2019.
The Bill provides for setting up of an independent autonomous body for institutional arbitration and to acquire and transfer the undertakings of International Centre For Alternative Dispute Resolution (ICADR) to New Delhi International Arbitration Centre(NDIAC).
The proposed New Delhi International Arbitration Centre(NDIAC) will be 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.
The salient features of the bill are speedy appointment of arbitrators through designated arbitral tribunals set up by the Supreme Court and high courts without having to reach court in any matter.
The NDIAC will also provide (a)facilities and administrative assistance for conciliation, mediation and arbitral proceedings (b)maintain panels of accredited arbitrators,conciliators and mediators (c)provide timely services for the conduct of arbitrations and (d)promote studies in the field of alternative dispute resolution.
Arbitration is one of the methods of Alternative Dispute Resolution (ADR).ADR is the procedure for settling disputes without litigation. Arbitration is a procedure in which the dispute is submitted to an arbitral tribunal which makes a decision on the dispute that is binding on the parties.