Vidhi Codex

The India International Arbitration Centre Act, 2019

The India International Arbitration Centre Act, 2019

Civil201935 sections6 chapters

The India International Arbitration Centre Act, 2019, establishes a specialized body called the India International Arbitration Centre (IIAC) to manage domestic and international legal disputes outside of traditional courts. It regulates the takeover of an older arbitration society’s assets to create a more efficient, modern system. The Act applies to the Centre’s governing members and any business or individual seeking cost-effective, timely resolutions for commercial disagreements. This law matters because it aims to make India a global hub for arbitration, significantly boosting economic confidence by ensuring that complex legal disputes are settled quickly and professionally by qualified experts.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title and commencement.
  2. 2Definitions.

Chapter II ESTABLISHMENT AND INCORPORATION OF NEW DELHI INTERNATIONAL ARBITRATION CENTRE →

  1. 3Establishment and incorporation of India International Arbitration Centre.
  2. 4Declaration of India International Arbitration Centre as an institution of national importance.
  3. 5Composition of Centre.
  4. 6Terms and conditions, etc., of Chairperson and Members.

Chapter III ACQUISITION AND TRANSFER OF UNDERTAKINGS OF SOCIETY →

  1. 7Transfer and vesting.
  2. 8General effect of vesting.
  3. 9Liability prior to specified date.
  4. 10Power of Central Government to direct vesting of undertaking in Centre.
  5. 11Management, etc., of undertakings.
  6. 12Duties of persons in charge of management of undertakings to deliver all assets.
  7. 13Certain powers of Central Government or Centre.
  8. 14Objects of Centre.
  9. 15Functions of Centre.
  10. 16Vacancies, etc., not to invalidate proceedings of Centre.
  11. 17Resignation of Members.
  12. 18Removal of Members.
  13. 19Committees of Centre.
  14. 20Meetings of Centre.
  15. 21Chief Executive Officer.
  16. 22Delegation of powers.
  17. 23Secretariat

Chapter IV FINANCE, ACCOUNTS AND AUDIT →

  1. 24Grants by Central Government
  2. 25Fund of Centre
  3. 26Accounts and audit
  4. 27Assessment of assets and liabilities of undertaking

Chapter V CHAMBER OF ARBITRATION AND ARBITRATION ACADEMY →

  1. 28Chamber of arbitration
  2. 29Arbitration Academy

Chapter VI MISCELLANEOUS →

  1. 30Power to make rules
  2. 31Power to make regulations
  3. 32laying of rules and regulations
  4. 33Protection of action taken in good faith
  5. 34Power to remove difficulty
  6. 35Repeal and savings

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