The New Delhi International Arbitration Centre (NDIAC) Bill 2018 was introduced in Lok Sabha on Friday. A new institution — New Delhi International Arbitration Centre (NDIAC) — is proposed to be set up for better management of arbitration in the country.
PP Choudhary, Minister of State for Law and Justice and Corporate Affairs, introduced the Bill in the lower house.
The objects of the NDIAC would be to bring targeted reforms to develop it as a flagship institution for domestic and international arbitration, said the Statement of Objects and Reasons to the Bill.
The Bill, which provides for take over of the existing International Centre for Alternative Dispute Resolution, also proposes to set up an arbitration chamber.
The Arbitration Chamber would empanel professional arbitrators at the 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 on par with reputed arbitral institutions.
It may be recalled that with a view to promote institutional arbitration and to make India a hub of international arbitration, a High Level Committee headed by Justice BN Srikrishna, former Judge of Supreme Court of India, was constituted to identify the roadblocks in the development of institutional arbitration, examine specific issues affecting the Indian arbitration landscape and prepare a roadmap for making India a robust centre for international and domestic arbitration.
This panel had among other things recommended that ICADR, which was set up in 1995, should be taken over with complete revamp of its governance structure.