LS passes bill to set up International Arbitration centre
Pic Credit: Lok Sabha TV
New Delhi: The Lok Sabha on Wednesday passed a Bill for establishing an International Arbitration Centre here to create an independent and autonomous regime for institutionalized arbitration.
Moving the New Delhi International Arbitration Centre Bill, 2019, aiming to set up an autonomous and independent institution for better management of arbitration in the country, for passage, Union Law and Justice Minister Ravi Shankar Prasad said the Bill would also consider the acquisition and transfer of undertakings of the International Centre for Alternative Dispute Resolution and to vest them in the new centre.
The Bill also seeks to declare the proposed arbitration centre as an institution of national importance, he added.
A similar Bill was passed by the Lok Sabha on January 4, but it lapsed with the dissolution of the house.