Recently Union Cabinet has approved the New Delhi International Arbitration Centre NDIAC Bill 2019 W...........

Indian Polity Indian Parliament

Recently, Union Cabinet has approved the New Delhi International Arbitration Centre (NDIAC) Bill, 2019. Which of the following statements are correct regarding this bill?

1. The Bill provides for setting up of an independent an autonomous body for institutional arbitration and to acquire and transfer the undertakings of International Centre for Alternative Dispute Resolution (ICADR) to New Delhi International Arbitration Centre (NDIAC) w.e.f a specified date 2nd March, 2019.

2. Under this bill, New Delhi International Arbitration Centre (NDIAC) will be headed by a Chairperson, who must be acting or retired judge of Supreme Court.

Code:

1 only

2 only

Both 1 and 2

All are correct

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Explanation:

The Bill provides for setting up of an independent an autonomous body for institutional arbitration and to acquire and transfer the undertakings of International Centre for Alternative Dispute Resolution (ICADR) to New Delhi International Arbitration Centre (NDIAC) w.e.f a specified date 2nd March, 2019.
The New Delhi International Arbitration Centre (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 special knowledge and experience in the conduct or administration of arbitration, law or management, to be appointed by the Central Government in consultation with the Chief Justice of India.