New Delhi, Feb 28 (IANS) The Union Cabinet on Thursday approved promulgation of an ordinance for establishing the New Delhi International Arbitration Centre (NDIAC) to create an independent and autonomous regime for institutionalised arbitration.
The government, "in view of the urgency to make India a hub of institutionalised arbitration and promote 'ease of doing business'", has decided to promulgate The New Delhi International Arbitration Centre Ordinance, 2019, an official release said.
The NDIAC will be advantageous for people and public institutions in terms of quality of expertise and costs incurred and will facilitate India becoming a hub for institutional arbitration, it said, adding the benefits of institutionalized arbitration will accrue both to the government and its agencies and to the parties to a dispute.
The release said that NDAIC will seek to bring targeted reforms to develop itself as a flagship institution for international and domestic arbitration. It will also provide facilities and administrative assistance for conciliation mediation and arbitral proceedings.
The NDIAC will be headed by a chairperson, who has been either a Supreme Court or High Court judge 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.
A representative of a recognised body of commerce and industry shall be chosen on rotational basis as a part-time member, while the Secretary, Department of Legal Affairs, the Financial Adviser nominated by the Department of Expenditure and Chief Executive Officer, NDIAC will be ex-officio members.
The New Delhi International Arbitration Centre Bill, 2019, could not be taken up for consideration and passing by the Rajya Sabha in the recently-concluded parliamentary session.
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