The New Delhi International Arbitration Centre Bill, 2019 was introduced in Lok Sabha today. The Bill replaces an Ordinance which was promulgated in March this year.
It seeks to provide for the establishment and incorporation of New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalized arbitration.
The legislation has provision to declare the NDIAC as an institution of national importance for its overall development as a major arbitration hub by promoting quick and efficient dispute resolution mechanism.
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