July 19,2019:
On Thursday, Parliament passed the bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration in India.
New Delhi International Arbitration Centre (NDIAC) Bill, 2019, which seeks to replace an ordinance issued in March,2019 by previous government, was passed by Rajya Sabha.
NDIAC Bill was already passed by Lok Sabha on July 10.
Bill provides for setting up an independent and autonomous regime for institutionalised domestic and international arbitration and to acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from March 2 this year.
Rajya Sabha i.e Upper House passed the amendment in Arbitration and Conciliation (Amendment) Bill Act, 2019 that seeks to make the changes in existing law of 1996.
Source India Today
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