32 C
Delhi
Saturday, May 30, 2020

LS passes bill to set up International Arbitration centre

- Advertisement -

LS passes bill to set up International Arbitration centreNew Delhi, July 10 (IANS) The Lok Sabha on Wednesday passed a Bill for establishing an International Arbitration Centre here to create an independent and autonomous regime for institutionalized arbitration.

Moving the New Delhi International Arbitration Centre Bill, 2019, aiming to set up an autonomous and independent institution for better management of arbitration in the country, for passage, Union Law and Justice Minister Ravi Shankar Prasad said the Bill would also consider the acquisition and transfer of undertakings of the International Centre for Alternative Dispute Resolution and to vest them in the new centre.

The Bill also seeks to declare the proposed arbitration centre as an institution of national importance, he added.

A similar Bill was passed by the Lok Sabha on January 4, but it lapsed with the dissolution of the house.

Follow Us For Latest Updates -

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics

Covid 19 India Updates

Govt in lockdown exit mode limits curbs to containment zones

New Delhi, May 30 (IANS) The Centre on Saturday took an exit step from the 68-day nationwide lockdown, declaring that the restrictions will be...

Trending Right Now

11,264 patients recovered in a day, doubling time 15.4 days’

New Delhi, May 30 (IANS) The Union Ministry of Health and Family Welfare said on Saturday that the doubling time of Covid-19 cases has...