Lok Sabha passes The New Delhi International Arbitration Centre (Amendment) Bill, 2022

 

On the last day of Monsoon Session, Lok Sabha has passed New Delhi International Arbitration Centre (Amendment) Bill, 2022 to declare the New Delhi International Arbitration Centre as an institution of national importance for its overall development as a major arbitration hub by promoting quick and efficient dispute resolution mechanism.

The New Delhi International Arbitration Centre (Amendment) Bill, 2022 was introduced in Lok Sabha on August 5, 2022.  The Bill amends the New Delhi International Arbitration Centre Act, 2019.  The Act provides for setting up the New Delhi International Arbitration Centre and designates it as an institute of national importance.   The New Delhi International Arbitration Centre replaced the International Centre for Alternative Dispute Resolution.  

Key features of the Bill include:

• Renaming of New Delhi International Arbitration Centre: The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre.

• Alternative Dispute Resolution: The Act requires the Arbitration Centre to strive to facilitate the conduct of international and domestic arbitration and conciliation.  The Bill expands this to include conduct of other forms of alternative dispute resolution.  The manner of conduct of arbitration and other forms of alternative dispute resolution will be specified by the central government through regulations.

  • Removal of difficulties: The Act allows the central government to provide for removing any difficulties in implementing the Act up to two years from the date of commencement of the Act.  The Bill extends this time period to five years.

  • Drafting errors:   The Bill also corrects several drafting errors in the Act. 

    
    

    SOURCE ; https://prsindia.org

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