What?
- Making India as the hub of International Arbitration has been one of the pioneering initiatives of the Prime Minister.
- The institution will be for resolving International and domestic commercial disputes expeditiously by Alternative Dispute Resolution (ADR) mechanism.
What will be the structure of this body?
- It will be headed by a Chairperson, who has been a Judge of the Supreme Court or a Judge of a High Court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration, law or management, to be appointed by the Central Government in consultation with the Chief Justice of India.
- Besides, it will also have two Full-time or Part-time Members from amongst eminent persons having substantial knowledge and experience in institutional arbitration in both domestic and international.
- In addition, one representative of a recognized body of commerce and industry shall be nominated on rotational basis as a Part-time Member.
- The Secretary, Department of Legal Affairs, Ministry of Law & Justice, Financial Adviser nominated by Department of Expenditure, Ministry of Finance and Chief Executive Officer, NDIAC will be ex-officio Members.
What are aims and objectives of New Delhi International Arbitration Centre (NDIAC)?
a) bring targeted reforms to develop itself as a flagship institution for conducting international and domestic arbitration
b) provide facilities and administrative assistance for conciliation, mediation and arbitral proceedings;
c) maintain panels of accredited arbitrators, conciliators and mediators both at national and international level or specialists such as surveyors and investigators;
d) facilitate conducting of international and domestic arbitrations and conciliation in the most professional manner;
e) provide cost effective and timely services for the conduct of arbitrations and conciliations at Domestic and International level;
f) promote studies in the field of alternative dispute resolution and related matters, and to promote reforms in the system of settlement of disputes; and
g) co-operate with other societies, institutions and organisations, national or international for promoting alternative dispute resolution.
