(1) On the vesting of the management of the undertakings in the Centre or on the appointment of a Custodian under sub-section (2) of section 11, all persons in charge of management of the undertakings immediately before such vesting or appointment shall be bound to deliver to the Centre or Custodian, as the case may be, all assets, books of account, registers and other documents in their custody relating to the undertakings.
(2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Custodian as to the powers and duties of the Custodian and such Custodian may also, if it is considered necessary so to do, apply to the Central Government at any time for instructions as to the manner in which the management of the undertaking shall be conducted or in relation to any other matter arising in the course of such management.
(3) Any person who on the specified date, has in his possession or under his
control, any books, documents or other papers relating to the undertakings shall
be liable to account for the said books, documents or other papers to the
Central Government or the Custodian or the Centre, as the case may be, and shall
deliver them to the Central Government or the Custodian or the Centre or to such
person or body of persons as the Central Government or the Centre may specify in
this behalf.
(4) The Central Government or the Centre may take or cause to be taken, all necessary steps for securing possession of all undertakings which have vested in the Central Government or the Centre under this Act.
(5) The Society shall, within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all its properties and assets, as on the commencement of the New Delhi International Arbitration Centre Ordinance, 2019 (Ord. 10 of 2019) pertaining to the undertaking and for this purpose, the Central Government or Custodian or the Centre shall afford to the Society, or body all reasonable facilities.
The Central Government or the Custodian or the Centre shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to the Society in relation to its undertakings which have vested in the Central Government or Custodian or the Centre, as the case may be, and realised after the commencement of the New Delhi International Arbitration Centre Ordinance, 2019 (Ord. 10 of 2019.), notwithstanding that the realisation pertains to a period prior to the commencement of the New Delhi International Arbitration Centre Ordinance, 2019 (Ord. 10 of 2019).
The objects of the Centre shall be,-
(a) to bring targeted reforms to develop itself as a flagship institution for
conducting international and domestic arbitration;
(b) to promote research and study, providing teaching and training, and organising conferences and seminars in arbitration, conciliation, mediation and other alternative dispute resolution matters;
(c) to provide facilities and administrative assistance for conciliation, mediation and arbitral proceedings;
(d) to maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators;
(e) to collaborate with other national and international institutions and organisations for ensuring credibility of the Centre as a specialised institution in arbitration and conciliation;
(f) to set up facilities in India and abroad to promote the activities of the Centre;
(g) to lay down parameters for different modes of alternative dispute resolution mechanisms being adopted by the Centre; and
(h) such other objectives as it may deem fit with the approval of the Central Government.
Without prejudice to the provisions contained in section 14, the Centre shall strive,-
(a) to facilitate for conducting international and domestic arbitration and conciliation in the most professional manner;
(b) to provide cost effective and timely services for the conduct of arbitration and conciliation at national and international level;
(c) to promote studies in the field of alternative dispute resolution and related matters, and to promote reforms in the system of settlement of disputes;
(d) to undertake teaching and to provide for diffusion of knowledge of law and procedures on alternative dispute resolution and related matters and to award certificates and other academic or professional distinction;
(e) to impart training in alternative dispute resolution and related matters to those who are handling arbitration, conciliation and mediation;
(f) to co-operate with other societies, institutions and organisations, national or international for promoting alternative dispute resolution; and
(g) to perform such other functions as may be entrusted to it by the Central
Government for
promoting alternative dispute resolution.
No act or proceedings of the Centre shall be invalid merely by reason of,-
(a) any vacancy or any defect in the constitution of the Centre; or
(b) any defect in the appointment of a person acting as a Member of the Centre;
or
(c) any irregularity in the procedure of the Centre not affecting the merits of
the case.
The Chairperson or the Full-time Member or Part-time Member may, by notice in writing, under his hand addressed to the Central Government, resign his office:
Provided that the Chairperson or the Full-time Member shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor enters upon his office or until the expiry of his term of office, whichever is the earlier.