The Union Cabinet has approved promulgation of an Ordinance for establishing New Delhi International Arbitration Centre (NDIAC)..The Centre would provide an independent and autonomous regime for institutionalised arbitration..The Ordinance was approved after the New Delhi International Arbitration Centre Bill, 2019, could not be taken up for consideration by the Rajya Sabha in its recently concluded 248th Session..Therefore, in view of the urgency to make India a hub of institutionalised arbitration and promote ease of doing business, the Central Government decided to promulgate the Ordinance, the PIB Release dated February 28 reads..The New Delhi International Arbitration Centre 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. He/She will be appointed by the Central Government in consultation with the Chief Justice of India..It would also comprise of two Full time or Part time Members from amongst eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international..One representative of a recognised body of commerce and industry shall be chosen on a rotational basis as a Part-time Member..Secretary, Department of Legal Affairs, Financial Adviser nominated by the Department of Expenditure and Chief Executive Officer, NDIAC shall be its ex-officio Members..The Centre will maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators while conducting international and domestic arbitrations and conciliation..In order to facilitate the setting up of NDIAC, the undertakings of The International Centre For Alternative Dispute Resolution will be transferred and vested with the Central Government. The same will subsequently be passed to NDIAC..Read PIB Release:.Bar & Bench is available on WhatsApp. For real time updates on stories, Click here to subscribe to our WhatsApp.
The Union Cabinet has approved promulgation of an Ordinance for establishing New Delhi International Arbitration Centre (NDIAC)..The Centre would provide an independent and autonomous regime for institutionalised arbitration..The Ordinance was approved after the New Delhi International Arbitration Centre Bill, 2019, could not be taken up for consideration by the Rajya Sabha in its recently concluded 248th Session..Therefore, in view of the urgency to make India a hub of institutionalised arbitration and promote ease of doing business, the Central Government decided to promulgate the Ordinance, the PIB Release dated February 28 reads..The New Delhi International Arbitration Centre 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. He/She will be appointed by the Central Government in consultation with the Chief Justice of India..It would also comprise of two Full time or Part time Members from amongst eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international..One representative of a recognised body of commerce and industry shall be chosen on a rotational basis as a Part-time Member..Secretary, Department of Legal Affairs, Financial Adviser nominated by the Department of Expenditure and Chief Executive Officer, NDIAC shall be its ex-officio Members..The Centre will maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators while conducting international and domestic arbitrations and conciliation..In order to facilitate the setting up of NDIAC, the undertakings of The International Centre For Alternative Dispute Resolution will be transferred and vested with the Central Government. The same will subsequently be passed to NDIAC..Read PIB Release:.Bar & Bench is available on WhatsApp. For real time updates on stories, Click here to subscribe to our WhatsApp.
