Lok Sabha gives nod to arbitration Bill

July 11, 2019 01:01 am | Updated 01:01 am IST - New Delhi

The Lok Sabha on Wednesday cleared the New Delhi International Arbitration Centre Bill, 2019. The Bill, which replaces an Ordinance promulgated in March this year, provides for the incorporation of the New Delhi International Arbitration Centre (NDIAC) for creating an autonomous regime for institutionalised arbitration.

The Bill, moved by Union Law Minister Ravi Shanker Prasad, has a provision to declare the NDIAC as an Institution of National Importance.“The Bill provides for the establishment of the NDIAC to conduct arbitration, mediation and conciliation proceedings,” said the Minister, speaking in the Lower House. The Minister said the Centre will be headed by a chairperson, who has been a judge of the Supreme Court or a High Court or an eminent person having special knowledge and experience in the administration of arbitration.

Congress MP Adhir Ranjan Chowdhury, speaking in the House on the Bill, noted: “The state of fast track judiciary system is dismal in India and appropriate infrastructure is required before making India an arbitration destination.”

He added that while the NDIAC Bill is commendable in its intention, it is ambitious in terms of execution.

Biju Janata Dal MP Pinaki Misra said that unless the Indian law and the arbitration process is amended, the endless litigation cycle will continue. Strict amendments to the Arbitration Act have to be made for arbitration to be become easier, he said.

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