Parliament on December 14 passed a bill to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre.
Key points
- The Rajya Sabha passed the New Delhi International Arbitration Centre (Amendment) Bill, 2022, which was piloted by Union Law Minister Kiren Rijiju in the house on December 14.
- The Lok Sabha passed the bill on August 2022, which expands this to include the conduct of other forms of alternative dispute resolution besides arbitration.
- The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre.
- The Act requires the Arbitration Centre to strive to facilitate the conduct of international and domestic arbitration and conciliation and the new legislation expands this to include the conduct of other forms of alternative dispute resolution.
- The manner of conduct of arbitration and other forms of alternative dispute resolution will be specified by the Central government through regulations.
- The Bill also allows the government to provide for removing any difficulties in implementing the Act up to five years from the date of commencement of the Act.
- Replying to a debate on the bill in the House, Union Minister for Law and Justice Kiren Rijiju said that the Bill has been brought for the very limited amendment but is important.
- He said, this Centre is not only for Delhi but will be for the whole India and also for the people as parties coming from abroad.
- He said, therefore, the amendment has been proposed to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre.
