Current Affairs Classes Pre cum Mains 2025, Batch Starts: 11th September 2024 Click Here for more information
Context
New Delhi International Arbitration Centre Bill of 2018
Need for more dispute resolution mechanisms
- Rapidly changing economic activities demand expeditious settlement of disputes
- To inspire confidence and credibility among the litigants.
- The huge backlog in courts
- Besides, the International Centre for Alternative Dispute Resolution (ICADR), which was set up in 1995 with government funds to promote alternative dispute resolution mechanism, has not been able to achieve its objectives
What does the new bill proposes?
- Establishment of NDIAC: This Bill proposes the establishment of a new institution called the New Delhi International Arbitration Centre (NDIAC) for better management of arbitration in the country. The Bill also aims to declare it as an institution of national importance
- Members of NDIAC: The Bill envisages appointment of persons of repute and those having knowledge and expertise in institutional arbitration as the chairperson and members of the NDIAC
- Term:The members are to hold office for three years and they will be eligible for re-appointment
- Objective of NDIAC: The objectives of the institution are
- Facilitating arbitration: To provide facilities and assistance for the conduct of arbitration, mediation and conciliation proceedings
- Professional standards: To conduct arbitration in a professional manner and in the most cost-effective way
- Promoting study: The NDIAC will also be entrusted with promoting study in the field of alternative dispute resolution
- Establishment of Chamber of arbitration: The Bill also proposes to set up a Chamber of Arbitration, which would have a permanent panel of professionals at the national and international levels
- Establishment of an arbitration academy:An Arbitration Academy is to be set up by NDIAC to train arbitrators in India, so as to empower them to compete on par with other reputed arbitration institutions
