Lok Sabha passes arbitration bill

A Bill to set up an independent and autonomous regime for institutionalised domestic and international arbitration was passed by the Lok Sabha on Thursday.

The New Delhi International Arbitration Centre (NDIAC) Bill, 2019, seeks to replace an ordinance issued in March by the previous government.

It provides for setting up of an independent and autonomous body for institutional arbitration.

Besides, it would acquire and transfer undertakings of the International Centre For Alternative Dispute Resolution (ICADR) to the New Delhi International Arbitration Centre (NDIAC) with effect from March 2.

Replying to debate on the Bill, Law Minister Ravi Shankar Prasad, said the existing arbitration body has resolved 45 cases out of 55 in 25 years.

He said that 10 cases are still pending.

Making a remark on long pendency of cases, Prasad, without naming anyone, quipped "if a law minister makes it (ICADR) a private property, then what will happen."

Observing that there is a new kind of imperialism taking place, Prasad said, there is hardly any instance where arbitration judgment has gone against American companies.

"This kind of new imperialism is not accepted," he added.