Cabinet nod to Ordinance for arbitration centre

• The Union Cabinet has approved the promulgation of an Ordinance for establishing the New Delhi International Arbitration Centre (NDIAC) in an effort to make India a hub of institutionalised arbitration.

• An official press release said that establishing institutionalised arbitration will be to the advantage of the public and public institutions in terms of quality of expertise and costs incurred.

Crucial highlights

• The NDIAC will be headed by a chairperson who has been a Judge of the Supreme Court or a Judge of an HC or an eminent person, having special knowledge and experience in the conduct or administration of arbitration law.

• The chairperson will be appointed by the Centre in consultation with the Chief Justice of India. There will also be two full-time or part-time members.

• They will be eminent persons having substantial knowledge and experience in institutional arbitration.

• The release said that the NDIAC Bill, 2019, could not be taken up for consideration and passing by the Rajya Sabha in the recently concluded session.

• “Therefore, the government, in view of the urgency to make India a hub of institutionalised arbitration and promote ‘ease of doing business’, has decided to promulgate an Ordinance: ‘The NDIAC, 2019’,” it said.

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Mains Paper 2: Governance

Prelims level: NDIAC

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