New Delhi, August 08: The “The New Delhi International Arbitration Centre (Amendment) Bill, 2022” will be introduced by the central government in the Lok Sabha on Monday. The New Delhi International Arbitration Centre Act, 2019 Amendment Bill will be introduced for consideration by Law Minister Kiren Rijuju.
The New Delhi International Arbitration Centre is established under the Act and is recognized as a nationally significant institution. The International Centre for Alternative Dispute Resolution is replaced by the Arbitration Centre. According to the Act, the Arbitration Centre will work to make it easier to undertake local and international arbitration and conciliation.
The Bill allows for the conduct of further alternative dispute resolution methods. However, the Central government will lay out the procedures for arbitration and other types of alternative dispute resolution through rules.
The Act gives the Union government two years from the Act’s start date to make arrangements for resolving any implementation-related issues. This time frame is increased by the Bill to five years.
The Energy Conservation Act of 2001 Amendments Bill will also be discussed in the House and taken into consideration.
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