Bills To Speed Up Arbitration Process In India Gets Rajya Sabha Nod
New Delhi: Parliament on Thursday passed a bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration in India.
The New Delhi International Arbitration Centre (NDIAC) Bill, 2019, which seeks to replace an ordinance issued in March this year by the previous government, was passed by Rajya Sabha.
The Bill was already passed by Lok Sabha on July 10.
The Bill provides for setting up an independent and autonomous regime for institutionalised domestic and international arbitration and to acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from March 2 this year
The upper house also passed the amendment in the the Arbitration and Conciliation (Amendment) Bill Act, 2019 that seeks to make changes in the existing law of 1996.
It will now go to Lok Sabha.
The Bill was earlier cleared by Lok Sabha in August 2018 but could not be passed by Rajya Sabha. The bill lapsed following the dissolution of the 16th Lok Sabha.