New Delhi, July 3 (KNN) The Law Minister Ravi Shankar Prasad has proposed a bill to set up an independent and autonomous regime for institutionalized domestic and international arbitration in Lok Sabha.

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

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

The proposed NDIAC 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.

However, the bill was opposed by Congress member Shashi Tharoor. According to him the arbitration body should be autonomous and independent of government as several public sector undertaking will be a party to it.

He urged the minister to withdraw the bill and come with a stronger bill.

Prasad, who moved the bill, said that the government was keen to see India emerge as an
international arbitration hub.

Seeking to assuage concerns over the bill, Prasad said he will respond to all concerns when replying to the debate when the draft law comes up for passage.