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The Lower House of the Parliament indicated its intention to replace the International Centre for Alternative Dispute Resolution set up in 1995. The New Bill titled “New Delhi International Arbitration Centre Bill 2018” would bring arbitration machinery at New Delhi. It would be a statutory body comprising Chairperson, who should have been a Supreme Court or High Court Judge having expertise in administration of arbitration, two eminent persons having expertise in both international and domestic arbitration and one representative from commerce, Ministry of Law and Justice, Finance Advisor and a Chief Executive Officer.
The appointment of the chairperson shall be made by the central government in consultation with the Chief Justice of India, and the two eminent persons and one representative of commerce body shall be made by the union government. With a notion to bestow autonomy to the proposed arbitration institution and make it an independent institution for efficient management of international arbitration. The opinion of the High-Powered Committee appointed by the union government led to the failure of the International Centre for ADR in addressing the emerging issues.
The Object of the centre is streamlined as follows:
Union Law MinisterMr Ravishankar Prasad expressed the government’s intention to develop the proposed Centre into a world-class Arbitration Centre and India as the hub of International Arbitration.
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