A Bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration was passed by the Lok Sabha on Thursday.
The New Delhi International Arbitration Centre (NDIAC) Bill, 2019, seeks to replace an ordinance issued in March this year by the previous government.
It provides for setting up of an independent and autonomous body for institutional arbitration.
Besides, it would acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from March 2 this year.
Replying to debate on the Bill, Law Minister Ravi Shankar Prasad, said the existing arbitration body has resolved 45 cases out of 55 in 25 years.
He said that 10 cases are still pending.
Making a remark on long pendency of cases, Prasad, without naming anyone, quipped "if a law minister makes it (ICADR) a private property, then what will happen."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app