The Rajya Sabha passed the New Delhi International Arbitration Centre (NDIAC) Bill, 2019, and the Arbitration and Conciliation (Amendment) Bill.
An Ordinance for the New Delhi International Arbitration Centre (NDIAC) Bill, 2019 was issued in March 2019 by the previous Government. The Lok Sabha had passed the Bill on July 10. As the Upper house approved the Bill, it will now replace the Ordinance.
The NDIAC Bill aims to set up an independent and autonomous regime for institutionalised domestic and international arbitration. The Bill will now acquire and transfer undertakings of International Centre for Alternative Dispute Resolution to the New Delhi International Arbitration Centre with effect from March 2, 2019.
Arbitration and Conciliation (Amendment) Bill:
Rajya Sabha also passed the amendment in the Arbitration and Conciliation (Amendment) Bill Act, 2019. The amendment will make changes in the existing law of 1996. It will now be placed on the table of Lok Sabha for its approval.
The Bill was earlier cleared by Lok Sabha in August 2018 but could not be passed by the Upper House. The Bill lapsed following the dissolution of the 16th Lok Sabha.
The amendments aims to achieve the goal of improving institutional arbitration. The Bill aims to improve it by establishing an independent body to lay down standards, make arbitration process more friendly and cost-effective, and ensure timely disposal of cases.