New Delhi: The Lok Sabha on Monday passed a bill to rename the New Delhi International Arbitration Center as the India International Arbitration Centre.
New Delhi Administering the International Arbitration Center (Amendment) Bill, 2022, Union Law Minister Kiren Rijiju said the amendment is aimed at making world-class arbitration in the country.
He said that although it is a small bill, sometimes “a small step can become a big leap”.
The minister further said that mediation will also help in reducing the pendency of cases in the country.
According to the Statement of Objects and Reasons of the Bill, “It is considered necessary to change the name of the Center from the New Delhi International Arbitration Center to the India International Arbitration Center in order to have a unique identity of an institution of national importance as provided for by law. is clear and reflects its true purpose”.
“It is felt that the (New Delhi International Arbitration) Centre, being an institution of national importance, gives an impression of being city-centric, while it seeks to promote and establish itself as a center of institutional arbitration in India. should reflect the aspirations of the center of international commercial arbitration,” the statement said.