The New Delhi International Arbitration Centre (Amendment) Act, 2022 has officially come into force after the Ministry of Law and Justice issued a notification on January 27, 2023. This new law, which was passed by the Lok Sabha on August 8, 2022 and the Rajya Sabha on December 14, 2022, renames the New Delhi International Arbitration Centre as the India International Arbitration Centre and amends the New Delhi International Arbitration Centre Act, 2019.
What is the new law that has come into force?
The new law is titled the “New Delhi International Arbitration Centre (Amendment) Act, 2022”
When did the Ministry of Law and Justice make the announcement?
The Ministry of Law and Justice made the announcement on January 27, 2023
When was the bill passed by the Lok Sabha and Rajya Sabha?
The bill was passed by the Lok Sabha on August 8, 2022 and the Rajya Sabha on December 14, 2022.
What is the purpose of the new law?
The new law renames the New Delhi International Arbitration Centre as the India International Arbitration Centre, amends the New Delhi International Arbitration Centre Act, 2019, and facilitates the conduct of arbitration and other forms of alternative dispute resolution, both international and domestic, in the manner specified by regulations.
What does the act provide for?
The act provides for setting up the India International Arbitration Centre and designates it as an institute of national importance.
