The India International Arbitration Centre, formerly known as New Delhi International Arbitration Centre (NDIAC) is an autonomous institution set up by the Act with the purpose of acquiring and transfer of undertakings of the International Arbitration for Alternative Dispute Redressal to NDIAC and creating an independent regime for institutionalized arbitration.
One of the key features of the IIAC is its independence and impartiality. The IIAC is governed by a board of members, which is responsible for the overall management of the institution. The board is composed of eminent persons from the fields of law, business, and academia.
Foreign parties can also benefit from the services provided by the IIAC. The IIAC has adopted the UNCITRAL Model Law on International Commercial Arbitration, which provides a framework for the conduct of international arbitration proceedings.
Overall, the IIAC is an important development in India’s efforts to become a hub for international arbitration. By providing a world-class facility for arbitration, mediation, and conciliation, the IIAC aims to promote the use of alternative methods of dispute resolution and enhance India’s reputation as a destination for international business.
Thus, IIAC has been declared as an institution of national importance.
On 31st March 2023, IIAC notified IIAC (Criteria for Admission to the Panel of Arbitrators) Regulations,2023 regarding eligibility, admission, and tenure for empanelment of arbitrators which are discussed below.
Members of the Chamber of Arbitration –
Persons having wide experience in the area of arbitration and alternative dispute resolution, at the national and international levels, can become members of the Chamber of Arbitration.
A panel of Arbitrators –
Chamber of Arbitration shall maintain a Panel of Arbitrators, of the persons having proficiency and willingness to act as arbitrators, subject to their expertise and experience.
Criteria for empanelment of arbitrators –
The Chamber of Arbitration shall empanel the arbitrators based on the following criteria, namely:-
- the applicant shall not be less than thirty-five years and not more than seventy-five years of age.
- the educational qualifications and experience of the applicant shall be largely relevant to the field of conduct of arbitration proceedings.
- the applicant shall furnish a statement that he has not been found guilty by a Court of any criminal offence, or for misconduct after the conduct of disciplinary proceedings and that no criminal case or any departmental proceeding is pending against him.
However, the Chamber of Arbitration may otherwise invite eminent persons having knowledge and substantial experience in the field of arbitration for being empanelled on the panel of arbitrators.
Application for empanelment –
(i)The application can be made online on the website of the Centre (www.indiaiac.org) or through the Form annexed to these regulations.
(ii)The Form shall be submitted to the office of the Registrar, who shall be the Member Secretary of the Chamber of Arbitration, accompanied by a non-refundable fee of ten thousand rupees or as may be determined from time to time by the Centre.
(iii)An application for empanelment shall be put up by the Registrar before the Chamber of Arbitration for scrutiny and consideration of such application.
(iv)Upon scrutiny of the application, the members of the Chamber of Arbitration may accord approval to the applicant or reject the application.
Period of empanelment –
The empanelment of an arbitrator with the Centre shall be for a maximum period of five years.
Tenure of the members of the Chamber of Arbitration –
- A member of the Chamber of Arbitration shall ordinarily have a term of two years and shall be eligible for reappointment.
- Any member of the Chamber of Arbitration can relinquish his membership after giving one month’s notice to the Centre.
The decision of the Chamber of Arbitration
- The Chamber of Arbitration may consider the application of empanelment of domestic and international arbitrators separately
- The decision regarding empanelment shall be taken by the Chamber of Arbitrators’ consensus
- In case no consensus is reached between the members of the empanelment the decision of the chairperson of the centre will be final and binding
Professions recognized for empanelment as arbitrators –
These regulations have recognized the Profession of Company Secretaries, Chartered Accountants, Cost & Works Accountants, Advocates & Judges, Architects, Engineers, and other services of Senior Officers of the Government for empanelment as arbitrators.
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