New Delhi, January 28: Act renaming the New Delhi International Arbitration Centre to the India International Arbitration Centre has now come into effect.
The new law titled the 'New Delhi International Arbitration Centre (Amendment) Act, 2022', went into effect after the Ministry of Law and Justice on January 27 night made the announcement.
"In exercise of the powers conferred by sub-section (2) of section 1 of the New Delhi International Arbitration Centre (Amendment) Act, 2022 (23 of 2022), the Central Government hereby appoints the 27th day of January 2023 as the date on which the said Act shall come into force," the notification stated.
The move comes nearly a month and a half after the New Delhi International Arbitration Centre (Amendment) Bill, 2022 was passed by Parliament during the Winter Session in December of last year. The Lok Sabha passed the Bill on August 8, 2022, and the Rajya Sabha passed it on December 14, 2022.
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The Act, once enacted, amended the New Delhi International Arbitration Centre Act, 2019. The Act also establishes the New Delhi International Arbitration Centre and designates it as a national institute.
The International Centre for Alternative Dispute Resolution was replaced by the New Delhi International Arbitration Centre.
It modifies Section 15(a) of the main Act and makes it easier to conduct international and domestic arbitration and other forms of alternative dispute resolution mechanisms in the manner specified by the regulations.
The New Delhi International Arbitration Centre is renamed the India International Arbitration Centre by the Act.
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- ANI