The Union Government has notified The New Delhi International Arbitration Centre Act, 2019 in the Official Gazette..The Act shall come into force with effect from 2 March 2019. As per its Preamble, The New Delhi International Arbitration Centre Act, 2019 is,.“An Act to provide for the establishment and incorporation of the New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of the undertakings of the International Centre for Alternative Dispute Resolution and to vest such undertakings in the New Delhi International Arbitration Centre for the better management of arbitration so as to make it a hub for institutional arbitration and to declare the New Delhi International Arbitration Centre to be an institution of national importance and for matters connected therewith or incidental thereto.”.As a result, the March Ordinance establishing the New Delhi International Arbitration Centre stands repealed..The New Delhi International Arbitration Centre will be headed by a chairperson who has been a Judge of the Supreme Court or a Judge of a High Court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration law or management. He/She will be appointed by the Central Government in consultation with the Chief Justice of India..It would also comprise of two Full time or Part-time Members from amongst eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international..One representative of a recognised body of commerce and industry shall be chosen on a rotational basis as a Part-time Member..Secretary, Department of Legal Affairs, Financial Adviser nominated by the Department of Expenditure and Chief Executive Officer, NDIAC shall be its ex-officio Members..The Centre will maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators while conducting international and domestic arbitrations and conciliation..Read the Notification:
The Union Government has notified The New Delhi International Arbitration Centre Act, 2019 in the Official Gazette..The Act shall come into force with effect from 2 March 2019. As per its Preamble, The New Delhi International Arbitration Centre Act, 2019 is,.“An Act to provide for the establishment and incorporation of the New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of the undertakings of the International Centre for Alternative Dispute Resolution and to vest such undertakings in the New Delhi International Arbitration Centre for the better management of arbitration so as to make it a hub for institutional arbitration and to declare the New Delhi International Arbitration Centre to be an institution of national importance and for matters connected therewith or incidental thereto.”.As a result, the March Ordinance establishing the New Delhi International Arbitration Centre stands repealed..The New Delhi International Arbitration Centre will be headed by a chairperson who has been a Judge of the Supreme Court or a Judge of a High Court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration law or management. He/She will be appointed by the Central Government in consultation with the Chief Justice of India..It would also comprise of two Full time or Part-time Members from amongst eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international..One representative of a recognised body of commerce and industry shall be chosen on a rotational basis as a Part-time Member..Secretary, Department of Legal Affairs, Financial Adviser nominated by the Department of Expenditure and Chief Executive Officer, NDIAC shall be its ex-officio Members..The Centre will maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators while conducting international and domestic arbitrations and conciliation..Read the Notification:
