{"id":211176,"date":"2019-03-01T20:00:22","date_gmt":"2019-03-01T14:30:22","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=211176"},"modified":"2019-03-01T16:10:06","modified_gmt":"2019-03-01T10:40:06","slug":"union-cabinet-approves-new-delhi-international-arbitration-centre-ordinance-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/01\/union-cabinet-approves-new-delhi-international-arbitration-centre-ordinance-2019\/","title":{"rendered":"Union Cabinet Approves –New Delhi International Arbitration Centre Ordinance, 2019"},"content":{"rendered":"

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved promulgation of an Ordinance for establishing the New Delhi International Arbitration Centre (NDIAC) for the purpose of creating an independent and autonomous regime for institutionalised arbitration<\/strong>.<\/p>\n

Benefits<\/u><\/strong><\/p>\n

The benefits of institutionalized arbitration will accrue to Government and its agency and to the parties to a dispute.\u00a0 This shall be to the advantage of the public and the public institutions in terms of quality of expertise and costs incurred and will facilitate India becoming a hub for Institutional Arbitration.<\/p>\n

Objective<\/u><\/strong><\/p>\n

The NDAIC shall be established with an aim to:-<\/p>\n

(a) to bring\u00a0 targeted\u00a0 reforms\u00a0 to develop itself as a flagship institution for conducting international and domestic arbitration<\/p>\n

(b) provide facilities and administrative assistance for conciliation mediation and arbitral proceedings;<\/p>\n

(c) maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators;<\/p>\n

(d) facilitate conducting of international and domestic arbitrations and conciliation in the most professional manner;<\/p>\n

(e) provide cost-effective and timely services for the conduct of arbitrations and conciliations at Domestic and International level;<\/p>\n

(f) promote studies in the field of alternative dispute resolution and related matters, and to promote reforms in the system of settlement of disputes; and<\/p>\n

(g) co-operate with other societies, institutions and organisations, national or international for promoting alternative dispute resolution.<\/p>\n

In order to facilitate the setting up of NDIAC, the Ordinance envisages the transfer and vesting of the undertakings of the ICADR in the Central Government. The Central Government will subsequently vest the undertakings in NDIAC.<\/p>\n

Salient Features:<\/u><\/strong><\/p>\n