Union Cabinet has approved the New Delhi International Arbitration Centre Bill,2019 for introduction in the ensuing session of Parliament.
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).
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 law or management, to be appointed by the Central Government in consultation with the Chief Justice of India.
There will be two Full time or Part time Members from amongst eminent persons having substantial knowledge and experience in institutional arbitration both domestic and international.
Also,one representative of a recognised body of commerce and industry shall be chosen on a rotational basis as Part time Member.
The Secretary,Department of Legal Affairs,Financial Adviser nominated by the Department of Expenditure and Chief Executive Officer,NDIAC shall be ex-officio Members.
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.
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