The New Delhi International Arbitration Centre Act received presidential assent on 29th 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
Significance of the Act: Ease of Doing Business report by World Bank ranked India at 108th 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 52nd.