With reference to the New Delhi International Arbitration Centre Bill 2019 consider the following st...........

Indian Polity Judiciary

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With reference to the New Delhi International Arbitration Centre Bill, 2019, consider the following statements:

It will be headed by a Chairperson, who has been a retired Chief Justice of India.
It will also have two Full-time or Part-time Members from amongst eminent persons having experience in arbitration.

Which of the statements given above is/are correct?

1 only

2 only

Both

None

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Explanation:

Union Cabinet has approved the New Delhi International Arbitration Centre Bill, 2019 for introduction in the ensuing session of Parliament.

Objectives of Bill: Creation of NDIAC as an independent and autonomous regime for institutionalized domestic and international arbitration and establishing India as an International Hub of Arbitration.

The NDIAC will be headed by a Chairperson, who has been a Judge of the Supreme Court or a Judge of a High Court or an eminent person, having experience in arbitration to be appointed by the Central Government in consultation with the Chief Justice of India. Besides, it will also have two Full-time or Part-time Members from amongst eminent persons having experience in arbitration. In addition, one representative of a recognized body of commerce and industry shall be nominated on rotational basis as a Part-time Member. The Secretary, Department of Legal Affairs, Ministry of Law & Justice, Financial Adviser nominated by Department of Expenditure, Ministry of Finance and Chief Executive Officer, NDIAC will be ex-officio Members. Hence only statement 2 is correct.