The Lok Sabha has passed the New Delhi international Arbitration Centre, Bill, 2018 which seeks to provide for the establishment and incorporation of New Delhi International Arbitration Centre for creating an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of undertakings of the International Centre of Alternative Resolution.
Replying to a debate on the bill, Law Minister Ravi Shankar Prasad said, the government wants to develop this Centre into a world-class arbitration centre.
