arbitration Current Affairs - 2020
On February 12, 2020, Government of India issued draft rules to set up International Arbitration Centre. In order achieve institutionalized arbitration, GoI has enacted the New Delhi International Arbitration act, 2019.
The draft rules for the arbitration centre prescribe allowances, pay of the full-time members and the chairperson. The rules have also set minimum educational qualification and method of selection of employees and officers of the centre.
The Arbitration and Conciliation act, 1996 was amended to make the arbitration process simpler. The New Delhi International Arbitration Centre Act, 2019 was enacted to make Delhi an international arbitration centre.
What is International Arbitration Centre?
The International Arbitration Centre is a dispute settling body that settles arbitration between individuals and companies.
The world famous arbitration centres include
- International Centre for Settlement of Investment Disputes funded by World Bank
- International Court of Arbitration, Paris
United Nations Commission on International Trade Law provides set of rules for international commercial arbitration along with other investment related rules.
Tags: arbitration • Arbitration and Conciliation Act 1996 • Arbitration Centre • Arbitration Mechanism • International Arbitration Court
The Lok Sabha has passed the New Delhi International Arbitration Centre Bill to set up a revamped International Arbitration Centre at New Delhi with an aim to make India the hub of arbitration.
New Delhi International Arbitration Centre Bill
The features of the New Delhi International Arbitration Centre Bill are:
- The bill seeks to establish an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of undertakings of the International Centre of Alternative Resolution.
- The New Delhi International Arbitration Centre will take over the undertakings of the International Centre for Alternative Dispute Resolution (ICADR). The chief justice of India is the ex-officio chairperson of the ICADR.
- The New Delhi International Arbitration Centre is being set up as per the recommendation of the Justice B N Srikrishna committee formed to identify the roadblocks in the development of institutional arbitration in India.
- Justice B N Srikrishna committee had recommended that ICADR should be taken over with complete revamp of its governance structure to include only experts of repute who can lend credibility and respectability to the institution and be re-branded as a centre of national importance to highlight its character as a flagship arbitral institution.
The bill to establish, New Delhi International Arbitration Centre is part of the government efforts to develop the centre into a world-class arbitration centre and India as the hub of international arbitration.