The Lok Sabha has passed the New Delhi International Arbitration Centre Bill to set up a revamped International Arbitration Centre at New Delhi with an aim to make India the hub of arbitration.
The bill aims to establish an independent and autonomous regime for institutionalized arbitration and for acquisition and transfer of undertakings of the International Centre of Alternative Resolution.
The New Delhi International Arbitration Centre will take over the undertakings of the International Centre for Alternative Dispute Resolution (ICADR). The chief justice of India is the ex-officio chairperson of the ICADR.
The New Delhi International Arbitration Centre is being set up as per the recommendation of the Justice B N Srikrishna committee formed to identify the roadblocks in the development of institutional arbitration in India.
Justice B N Srikrishna committee had recommended that ICADR should be taken over with complete revamp of its governance structure to include only experts of repute who can lend credibility and respectability to the institution and be re-branded as a center of national importance to highlight its character as a flagship arbitral institution.
The bill to establish, New Delhi International Arbitration Centre is part of the government efforts to develop the center into a world-class arbitration center and India as the hub of international arbitration.