The New Delhi International Arbitration Centre Act, 2019

The New Delhi International Arbitration Centre Act received presidential assent on 29^th July 2019. It seeks to establish an autonomous and independent institution for better management of arbitration in India.

Key Features of the Act: NDIAC & ICADR

• New Delhi International Arbitration Centre (NDIAC): The Act provides for the establishment of the NDIAC to conduct arbitration, mediation, and conciliation proceedings.
• International Centre for Alternative Dispute Resolution (ICADR):The ICADR is a registered society to promote the resolution of disputes through alternative dispute resolution methods (such as arbitration and mediation). The Act transfers the existing ICADR to the central government.

Significance of the Act: Ease of Doing Business report by World Bank ranked India at 108^th spot amongst 190 countries in terms of “resolving insolvency in 2018 rankings” but in the latest ranking (2020) after the passage of The New Delhi International Arbitration Centre Ordinance, the rank improved to 52^nd.