A bill was introduced in the Lok Sabha on Wednesday which provides for setting up of an independent an autonomous body for institutional arbitration.
The New Delhi International Arbitration Centre Bill, 2019, introduced by Law Minister Ravi Shankar Prasad, will replace an ordinance brought by the government in March this year.
Prasad said the bill will facilitate India becoming a hub for institutional arbitration.
It provides for setting up of an independent an autonomous body for institutional arbitration and to transfer the undertakings of International Centre For Alternative Dispute Resolution (ICADR) to New Delhi International Arbitration Centre (NDIAC) from March 2, 2019.
Congress member Shashi Tharoor expressed reservations about some provisions of the bill, saying that the government should improve it and come back to the House.
Prasad said the bill was based on recommendations of a high-level committee headed by Justice B.N. Srikrishna, former Judge of the Supreme Court of India.
The minister said it has been an endeavor of the government to establish an independent and autonomous institution for resolving international and domestic commercial disputes expeditiously through alternative dispute resolution mechanism.
A similar bill was passed by the previous Lok Sabha in January this year but could not be taken up for passage in the Rajya Sabha.