• 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.
• 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.
Mains Paper 2: Governance
Prelims level: NDIAC