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International Arbitration Centre Bill introduced in Lok Sabha
National

International Arbitration Centre Bill introduced in Lok Sabha

Agency News

New Delhi, Jul 3: The New Delhi International Arbitration Centre Bill 2019 was introduced in the Lok Sabha on Wednesday brushing aside the objections from Congress member Shashi Tharoor.

The new draft law was introduced by Law Minister Ravi Shankar Prasad, who said the move will help create a hub of better management of arbitration in Delhi.

An Ordinance on this was promulgated on March 2, 2019.

The draft law seeks to establish an autonomous and independent institution for better management of arbitration in India. Previously, a similar Bill was passed by Lok Sabha on January 4, 2019.

However, the Bill lapsed with the dissolution of the 16th Lok Sabha.

The New Delhi International Arbitration Centre (NDIAC), according to sources, will among other things promote research, providing training and organising conferences and seminars in alternative dispute resolution matters, also provide facilities and administrative assistance for the conduct of arbitration, mediation and conciliation proceedings.

Congress member Mr Tharoor suggested that he was not opposed to the idea of a new law to set up an arbitration centre in Delhi but the government should bring a new draft with the suggestions from him incorporated in that.

The new draft law should have points so that the arbitration centre can be truly of international standards, said the Congress MP and former Union Minister.

Rejecting the objections, Law Minister, however said things can be discussed and debated once the Bill is introduced and taken up in the House. (UNI)