Lawstreet Journal

Department Of Legal Affairs Seeks Suggestions Of Stakeholders On Draft Rules Formulated Under NDIAC Act, 2019

Lawstreet Journal 14 Feb 2020 5:32pm

Image courtesy: Lawstreet Journal Executive Department Of Legal Affairs Seeks Suggestions Of Stakeholders On Draft Rules Formulated Under NDIAC Act, 2019

Stakeholders’ and people in general are required to submit their views over the draft rules made by the Department of Legal Affairs under the New Delhi International Arbitration Centre (NDIAC) Act, 2019 on the concerning terms and conditions regarding salary and allowance payable to the chairperson and full-time members and some other related matters. The Department of Legal Affairs has taken this initiative in order to be get a public’s opinion on the draft rules formulated under the NDIAC Act, 2019.

During a Press Conference on 12th February 2020, Wednesday, the Ministry of Law & Justice stated that NDIAC Act, 2019 was enacted with the view to provide for the establishment and incorporation of New Delhi International Arbitration Centre in order to create an Independent Regime for Institutional Arbitration and to make the centre an institution of national importance. This act replaces the ordinance on the subject which had come into force on 2 March, 2019.

A Chairperson would be required to head NDIAC, 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, law or management, to be appointed by the Central Government in consultation with the Chief Justice of India, comes under the Section 5 of the Act.

Also, two full – time members or part – members from amongst eminent persons having substantial knowledge and experience in institutional arbitration, both domestic and international will also be appointed. In addition to that, one representative… Continue Reading...

Tagged: Ministry of Law and Justice   Ravi Shakar Prasad  
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