<span style="color: #222222;">Lok Sabha today passed the New Delhi International Arbitration Centre Bill, 2019 by voice vote. <br />''<br />''The bill replaces an Ordinance which was promulgated in March this year. It seeks to provide for the establishment and incorporation of New Delhi International Arbitration Centre, NDIAC  for the purpose of creating an independent and autonomous regime for institutionalized arbitration. <br />''<br />''The legislation has provision to declare the NDIAC as an institution of national importance for its overall development as a major arbitration hub by promoting quick and efficient dispute resolution mechanism. <br />''<br />''Replying to the debate on the bill, Minister of Law and Justice Ravi Shankar Prasad said, the government is keen to make the country a hub of international and domestic arbitration. <br />''<br />''He said, the proposed New Delhi International Arbitration Centre 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 the arbitration. <br />''<br />''Leaders from Congress, TMC, BJP,  BJD and TDP  participated in the discussion and supported the bill and stressed the need for appropriate dispute mechanism.</span><br />