Parliament Passes Bill To Change Name Of 'New Delhi International Arbitration Centre'

The Parliament has passed the New Delhi International Arbitration Centre (Amendment) Bill which seeks to rename New Delhi International Arbitration Centre as the "India International Arbitration Centre". It will amend the New Delhi International Arbitration Centre Act, 2019. It was passed by the Lok Sabha on August 8, 2022.The Bill was introduced by Law Minister Kiren Rijiju after the Centre felt that the current name of the institution gives an impression of it being city-centric whereas it should be reflective of the aspirations to promote India as a hub of institutional arbitration. "Therefore, it is considered imperative to change the name of the Centre so that a unique identity of the institute of national importance as conferred on it by law is evident and reflects its true objective" the Bill states.Also Read: 'Urgent Need Of A Credible Institutional Arbitration Centre In India': Delhi High Court Rejects Plea Alleging Bias In Composition Of DIACIt also seeks to amend Section 15(a) of the principal Act and facilitate the conduct of arbitration and other forms of alternative dispute resolution mechanism, both international and domestic, in the manner as may be specified by the regulations.The Law Minister assured the House that the institution will have a pre-determined arbitration procedure, which will be laid down by the Arbitration Centre itself. There will no government intervention in the institution, he said. He further assured that the institution will have an efficient panel of arbitrators, professional support and world class well built infrastructure, which in turn will increase the ease of doing business in India.While most members supported the Bill, there was a unanimous sentiment among them that a Bill, brought within 3 years of passing of the principal Act, merely to amend the nomenclature, reflects badly on the draftsmanship.DMK MP and Senior Advocate P. Wilson revealed that it costs Rs. 2.5 Lakhs per minute to run the Parliament and approximately Rs. 1.5 crore from the State exchequer will be spent to pass this Bill, due to incompetent draftsman. He thus emphasized on the need to hold extensive stakeholder consultations and undertake legislative impact assessment before rushing any Bill.Click Here To Read Bill

Parliament Passes Bill To Change Name Of 'New Delhi International Arbitration Centre'

LIVELAW NEWS NETWORK

Tags