LS passes bill to set up International Arbitration centre

The Lok Sabha on Wednesday passed a Bill for establishing an International Arbitration Centre here to create an independent and autonomous regime for institutionalized arbitration.

Moving the New Delhi International Arbitration Centre Bill,2019, aiming to set up an autonomous and independent institution for bettermanagement of arbitration in the country, for passage, Union Law and JusticeMinister Ravi Shankar Prasad said the Bill would also consider the acquisitionand transfer of undertakings of the International Centre for AlternativeDispute Resolution and to vest them in the new centre.

   

The Bill also seeks to declare the proposed arbitrationcentre as an institution of national importance, he added. A similar Bill waspassed by the LokSabha on January 4, but it lapsed with the dissolution of thehouse.

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