New Delhi International Arbitration Centre Act, 2019
No: 17 Dated: Jul, 26 2019
New Delhi International Arbitration Centre Act, 2019
(Act No. 17 of 2019)
New Delhi International Arbitration Centre (Amendment) Act, 2022
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 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: -
CHAPTER I
Preliminary
1. Short title and commencement. - (1) This Act may be called the New Delhi International Arbitration Centre Act, 2019.
(2) It shall be deemed to have come into force on the 2nd March, 2019.
2. Definitions. - (1) In this Act, unless the context otherwise requires, -
(a) "Centre" means the New Delhi International Arbitration Centre established and incorporated under section 3;
(b) "Chairperson" means the Chairperson of the Centre referred to in clause (a) of section 5;
(c) "Chief Executive Officer" means the Chief Executive Officer appointed under section 21;
(d) "Committee" means the relevant Committee of the Centre referred to in section 19;
(e) "Custodian" means the person who is appointed as Custodian under sub-section (2) of section 11 in respect of the undertakings;
(f) "Fund" means the Fund of the Centre to be maintained under section 25;
(g) "Member" means Full-time or Part-time Member of the Centre and includes the Chairperson;
(h) "notification" means a notification published in the Official Gazette;
(i) "prescribed" means prescribed by rules made by the Central Government under this Act;
(j) "regulations" means regulations made by the Centre under this Act;
(k) "Society" means the International Centre for Alternative Dispute Resolution, registered as such under the Societies Registration Act, 1860, and having its registered office at New Delhi;
(l) "specified date" means the date as may be specified by the Central Government by notification;
(m) "undertakings" means the undertakings of the Society which vests with the Central Government under section 7.
(2) All other words and expressions used herein but not defined and defined in the Arbitration and Conciliation Act, 1996, shall have the same meanings as assigned to them in that Act.