A bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration was introduced in Lok Sabha on Wednesday.
The New Delhi International Arbitration Centre Bill, 2019, seeks to replace an ordinance issued in March this year by the previous government.
It provides for setting up of an independent and autonomous body for institutional arbitration and to acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution to the New Delhi International Arbitration Centre with effect from March 2 this year.
Opposing the introduction of the Bill, Congress member Shashi Tharoor said the arbitration body should be autonomous and independent of government as several public sector undertaking will be a party to it. Tharoor also urged the minister to withdraw the bill and come with a stronger bill.
Law Minister Ravi Shankar Prasad, who moved the bill, said the existing arbitration body has resolved 55 cases in 25 years. He said the government was keen to see India emerge as an international arbitration hub.
Seeking to assuage concerns over the bill, Prasad said he will respond to all concerns when replying to the debate when the draft law comes up for passage.
The proposed NDIAC will be headed by a chairperson, who has been a judge of the Supreme Court or a judge of a high court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration.
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