New Delhi Arbitration Centre Bill, 2019 was passed yesterday by Rajya Sabha i.e. 18-07-2019. It seeks to provide for the establishment and incorporation of New Delhi International Arbitration Centre, NDIAC for the purpose of creating an independent and autonomous regime for institutionalized arbitration.
The Bill replaces the New Delhi International Arbitration Centre Ordinance, 2019, promulgated by President on 02-03-2019.
On July, 10th the bill was passed by Lok Sabha and now has been passed by the Rajya Sabha.
A Bill to provide for the establishment and incorporation of the New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of the undertakings of the International Centre for Alternative Dispute Resolution and to vest such undertakings in the New Delhi International Arbitration Centre for the better management of arbitration so as to make it a hub for institutional arbitration and to declare the New Delhi International Arbitration Centre to be an institution of national importance and for matters connected therewith or incidental thereto.
*Link to the Bill: New Delhi International Arbitration Centre Bill, 2019