"The Union Cabinet chaired by Prime Minister Narendra Modi approved the NDIAC Bill, 2019, for introduction in the ensuing session of Parliament", said the statement.
According to the government, institutionalized arbitration will attract quality experts in India, and as a consequence, it will substantially reduce the cost incurred in the process of arbitration, especially at various international forums.
"The Bill provides for setting up an independent an autonomous body for institutional arbitration and to acquire and transfer the undertakings of International Centre for Alternative Dispute Resolution (ICADR) to New Delhi International Arbitration Centre (NDIAC)", said the statement.
The Bill will replace the New Delhi International Arbitration Centre Ordinance, 2019, promulgated by President on March 2, 2019, "and saves all the actions done or taken under the Ordinance which will be deemed to have been done or taken under the provisions of this Bill."
The Bill will help the government in establishing an independent and autonomous institution for resolving International and domestic commercial disputes expeditiously by Alternative Dispute Resolution (ADR) mechanism.
A High-Level Committee, headed by Justice B.N. Srikrishna, former Judge of the Supreme Court of India, had already recommended taking over of the ICADR, established in the year 1995.
According to the government statement, 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, law or management, to be appointed by the Central government in consultation with the Chief Justice of India.
The NDIAC aims to provide facilities and administrative assistance for conciliation, mediation and arbitral proceedings; maintain panels of accredited arbitrators, conciliators and mediators; provide cost-effective and timely services for the conduct of arbitrations; promote studies in the field of alternative dispute resolution; and co-operate with societies, institutions and organizations promoting alternative dispute resolution.