ACT NO. 17 OF 2019 [26th July, 2019.]
An Act to provide for the establishment and incorporation of the New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of the undertakings of the International Centre for Alternative Dispute Resolution and to vest such undertakings in the New Delhi International Arbitration Centre for the better management of arbitration so as to make it a hub for institutional arbitration and to declare the New Delhi International Arbitration Centre to be an institution of national importance and for matters connected therewith or incidental thereto.
WHEREAS dispute resolution process has a huge impact on the Indian economy and global perception on doing business in our country and it has become necessary to inspire confidence and credibility among the litigants of commercial disputes;
AND WHEREAS rapidly changing economic activity demands expeditious settlement of disputes and creation and establishment of institutional arbitration;
AND WHEREAS the International Centre for Alternative Dispute Resolution was set up in the year 1995, under the aegis of the Central Government and registered under the Societies Registration Act, 1860, with the objective of promoting alternative dispute resolution mechanism and providing facilities for the same;
AND WHEREAS the International Centre for Alternative Dispute Resolution has received land and substantial funding by way of grants and other benefits from the Central Government for constructing infrastructure and making other facilities;
AND WHEREAS the International Centre for Alternative Dispute Resolution has not been able to actively engage and embrace developments in the arbitration ecosystem and to create a reputation par excellence keeping pace with the dynamic nature of arbitration over more than two decades;
AND WHEREAS studies conducted by the High Level Committee appointed by the Central Government indicate that the International Centre for Alternative Dispute Resolution has failed to address the growing needs of the institutional arbitration and also to bear optimum caseload and to become better choice to the parties for arbitration;
AND WHEREAS it has become expedient to take over the undertakings of the International Centre for Alternative Dispute Resolution including its regional offices without interfering with its activities and without adversely affecting its character as a Society but to utilise its existing infrastructure and other facilities which have been set up by using the public funds provided by the Government and to incorporate a robust institution for domestic and international arbitration to be known as the New Delhi International Arbitration Centre;
AND WHEREAS it is considered necessary to declare the New Delhi International Arbitration Centre as an institution of national importance for its overall development as a major arbitration hub by promoting quick and efficient dispute resolution mechanism.
BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:-
ARRANGEMENT OF SECTIONS
CHAPTER I PRELIMINARY
1. Short title and commencement.
CHAPTER II ESTABLISHMENT AND INCORPORATION OF NEW DELHI INTERNATIONAL ARBITRATION CENTRE
3. Establishment and incorporation of New Delhi International Arbitration Centre.
4. Declaration of New Delhi International Arbitration Centre as an institution of national
5. Composition of Centre.
6. Terms and conditions, etc., of Chairperson and Members.
CHAPTER III ACQUISITION AND TRANSFER OF UNDERTAKINGS OF SOCIETY
7. Transfer and vesting.
8. General effect of vesting.
9. Liability prior to specified date.
10. Power of Central Government to direct vesting of undertaking in Centre.
11. Management, etc., of undertakings.
12. Duties of persons in charge of management of undertakings to deliver all assets.
13. Certain powers of Central Government or Centre.
14. Objects of Centre.
15. Functions of Centre.
16. Vacancies, etc., not to invalidate proceedings of Centre.
17. Resignation of Members.
18. Removal of Members.
19. Committees of Centre.
20. Meetings of Centre.
21. Chief Executive Officer.
22. Delegation of powers.
CHAPTER IV FINANCE, ACCOUNTS AND AUDIT
24. Grants by Central Government
25. Fund of Centre.
26. Accounts and audit.
27. Assessment of assets and liabilities of undertaking.
CHAPTER V CHAMBER OF ARBITRATION AND ARBITRATION ACADEMY
28. Chamber of Arbitration.
29. Arbitration Academy.
CHAPTER VI MISCELLANEOUS
30. Power to make rules.
31. Power to make regulations.
32. Laying of rules and regulations.
33. Protection of action taken in good faith.
34. Power to remove difficulty.
35. Repeal and savings.