The Central government on Monday will move the 'The New Delhi International Arbitration Centre (Amendment) Bill, 2022' in the Lok Sabha.
Law Minister Kiren Rijuju will move the Bill to amend the New Delhi International Arbitration Centre Act, 2019 for consideration.
The Act provides provision for setting up the New Delhi International Arbitration Centre and designates it as an institute of national importance.
The Arbitration Centre replaces the International Centre for Alternative Dispute Resolution.
The Act says the Arbitration Centre will strive to facilitate the conduct of international and domestic arbitration and conciliation.
The Bill provides it to include conduct of other forms of alternative dispute resolution. But the manner of conduct of arbitration and other forms of alternative dispute resolution will be specified by the Central government through regulations.
The Act allows the Union government to provide for removing any difficulties in implementing the Act up to two years from the date of commencement of the Act. The Bill extends this time period to five years.
The House will also hold discussion on a Bill that amends the Energy Conservation Act, 2001 and also be taken into consideration."