New Delhi, Jul 18 (UNI) A Bill to set up an international arbitration centre to conduct arbitration, mediation, and conciliation proceedings got the nod of Parliament with the Rajya Sabha passing it by voice vote on Thursday.
The Rajya Sabha also passed the Arbitration and conciliation (Amendment) Bill 2019, discussion on which was held along with the NDIAC Bill, by a voice vote.
The Bill, moved for consideration by Law Minister Ravi Shankar Prasad, were passed after the House rejected a Statutory resolution moved by D Raja, Binoy Vishwam and Elamartaam Kareem to disapprove of the NDIAC ordinance 2019 was rejected by a voice vote.
The passage also came after T Subbarami Reddy of the Congress withdrew his amendments to the Bill.
The New Delhi International Arbitration Centre (NDIAC) seeks to provide for the establishment of the NDIAC to conduct arbitration, mediation, and conciliation proceedings.
The Bill declares the NDIAC as an institution of national importance.
Under the Bill, the NDIAC will consist of seven members including a Chairperson, two eminent persons having substantial knowledge of international arbitration, three ex officio members and a representative from a recognised body of commerce and industry, appointed as a part-time member, on a rotational basis.
The chairperson of the Centre may be a Judge of the Supreme Court or a High Court, or an eminent person with special knowledge and experience in the conduct or administration of arbitration. Three ex-officio members, include a nominee from the Ministry of Finance and a Chief Executive Officer (responsible for the day-to-day administration of the NDIAC).
The members of NDIAC will hold office for three years and will be eligible for re-appointment. The retirement age for the Chairperson is 70 years and other members is 67 years.
The key objectives of the NDIAC include promoting research, providing training and organising conferences and seminars in alternative dispute resolution matters; providing facilities and administrative assistance for the conduct of arbitration, mediation and conciliation proceedings; maintaining a panel of accredited professionals to conduct arbitration, mediation and conciliation proceedings.
More UNI AR SY 1921