The government on Friday introduced a bill in the Lok Sabha to set up a new international arbitration centre in the national capital to replace and take over the undertakings of its present form – the International Centre for Alternative Dispute Resolution which works under the aegis of the Supreme Court.
The New Delhi International Arbitration Centre (NDIAC) Bill was introduced by Minister of State for Law P P Chaudhary. It seeks to establish the new centre as an institution of national importance to work for developing a mechanism of international arbitration in the country.
The bill said the International Centre for Alternative Dispute Resolution (ICADR), which works under the aegis of the Supreme Court, has not been able to actively engage and embrace developments in the arbitration ecosystem.
The bill envisages appointment of persons of repute and having knowledge and expertise in institutional arbitration as chairperson and members of the NDIAC, whose object would be to bring targeted reforms to develop it as a flagship institution for domestic and international arbitration. It will conduct arbitration in a professional manner in the most cost-effective way.
The bill also proposes to set up an arbitration chamber, which would empanel professional arbitrators at national and international level. An arbitration academy is also proposed to be set up by NDIAC to train arbitrators in India, so as to empower them to compete with reputed arbitral institutions.
