Bill to rename New Delhi International Arbitration Centre in LS

Sub-section 1 of section 4 of the Act declares the New Delhi International Arbitration Centre as an institution of national importance, it read.However, it has been felt that the Centre, being an institution of national importance, gives an impression of being city-centric whereas it should be reflective of the aspirations to promote India as a hub of institutional arbitration and establish itself as a centre of international commercial arbitration, the bill pointed out.

The government plans to rename the New Delhi International Arbitration Centre as it was felt that the present name gives an impression of it being city-centric whereas it should be reflective of the aspirations to promote India as a hub of institutional arbitration.

A bill to this effect was introduced in Lok Sabha on Friday by Law Minister Kiren Rijiju.

According to the statement of objects and reasons of the New Delhi International Arbitration Centre (Amendment) Bill, 2022, the New Delhi International Arbitration Centre Act, 2019 provides for the establishment of the New Delhi International Arbitration Centre. ''Accordingly, the New Delhi International Arbitration Centre has been established for creating an independent and autonomous regime for institutionalised arbitration in the country. Sub-section (1) of section 4 of the Act declares the New Delhi International Arbitration Centre as an institution of national importance,'' it read.

However, it has been felt that the Centre, being an institution of national importance, gives an impression of being city-centric whereas it should be reflective of the aspirations to promote India as a hub of institutional arbitration and establish itself as a centre of international commercial arbitration, the bill pointed out. Therefore, it is considered ''imperative'' to change the name of the Centre ''from New Delhi International Arbitration Centre to India International Arbitration Centre so that a unique identity of the institute of national importance ... is evident and reflects its true objective.'' The bill, which also proposes to make certain consequential amendments under the Act, would come up for discussion and passage next week.

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