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Lok Sabha passes New Delhi International Arbitration Centre Bill

Lok Sabha passes New Delhi International Arbitration Centre Bill

The Lok Sabha passed a bill to set up a new international arbitration centre here with an aim to make India its hub.

The New Delhi International Arbitration Centre 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 bill said the International Centre for Alternative Dispute Resolution (ICADR), which works under the aegis of the Supreme Court, has not been able to actively engage and embrace developments in the arbitration ecosystem.

The new body will take over the undertakings of the ICADR which was set up in 1995. The chief justice of India is the ex-officio chairperson of the ICADR.

Justice B N Srikrishna Committee

With a view to promote institutional arbitration and make India its hub, a high-level committee headed by Justice B N Srikrishna, a former Supreme Court judge, was constituted to identify the roadblocks in the development of institutional arbitration.

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