<span style="color: #222222;">The Union Cabinet has cleared the New Delhi International Arbitration Centre (NDIAC) Bill, 2019.  The Bill provides for setting up of an independent and autonomous body for institutional arbitration.<br />''<br />''It also aims to acquire and transfer the undertakings of International Centre For Alternative Dispute Resolution to New Delhi International Arbitration Centre (NDIAC) w.e.f 2nd March 2019.<br />''<br />''Establishment of NDIAC for resolving international and domestic commercial disputes will facilitate India becoming a hub for institutional arbitration. The benefits of institutionalized arbitration will be manifold for the Government and its agency and to the parties to a dispute.<br />''<br />''This will result in quality experts being available in India and is advantageous in terms of cost incurred.<br />''<br />''The Bill provides to replace and repeal the NDIAC Ordinance, 2019 will be introduced in the ensuing session of parliament.</span>