NEW DELHI INTERNATIONAL ARBITRATION CENTRE, BILL, 2018

International Centre for Alternative Dispute Resolution (ICADR):

• The International Centre for Alternative Dispute Resolution (ICADR), was set up in 1995.
  
  
• It works under the aegis of the Supreme Court. The chief justice of India is the ex-officio chairperson of the ICADR, while former law minister H R Bhardwaj is the patron of the institution.
  
  
• However, according to critiques, ICADR has not been able to embrace developments in the arbitration ecosystem.
  
  

New Delhi International Arbitration Centre, Bill, 2018:

• In this background, the bill has been passed to provide for the establishment and incorporation of New Delhi International Arbitration Centre for –
  • creating an independent and autonomous regime for institutionalised arbitration and
    
    
  • take over the undertakings of the ICADR.
    
    
  
  
  
• According to the bill, a high-level committee headed by Justice B N Srikrishna, a former Supreme Court judge, was constituted to promote institutional arbitration and make India its hub.