CURRENT AFFAIRS

Detailed explanation-1: -Lok Sabha has already passed the Bill. The Bill amends the New Delhi International Arbitration Centre Act, 2019. The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre.

Detailed explanation-2: -The Act requires the Arbitration Centre to strive to facilitate the conduct of international and domestic arbitration and conciliation and the new legislation expands this to include the conduct of other forms of alternative dispute resolution.

Detailed explanation-3: -Located in the Delhi High Court premises itself DIAC provides a centrally located and easily accessible venue for the disputants, arbitrators and lawyers.

Detailed explanation-4: -New Delhi International Arbitration Centre (NDIAC). The Centre has been established under Section 3 of the said Act for the purpose of creating an independent and autonomous regime for institutionalised arbitration.

Detailed explanation-5: -The India International Arbitration Centre erstwhile known as the ‘New Delhi International Arbitration Centre’ (NDIAC) is an autonomous institution based in New Delhi, to conduct arbitration, mediation, and conciliation proceedings.