Lok Sabha passes arbitration bill
A Bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration was passed by the Lok Sabha on Thursday.The New Delhi International Arbitration Centre (NDIAC) 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.Besides, it would acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from March 2 this year.Replying to…
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