New Delhi: Supporting the New Delhi International Arbitration Centre Bill in the Lok Sabha, the Biju Janata Dal (BJD) Wednesday sought strict amendments in the Arbitration Act.
Speaking on behalf of the party in the Lower House, the BJD Parliamentary party leader Pinaki Mishra said that unless the Indian Law and the arbitration process are amended, the endless litigation will continue.
“Strict amendments to the Arbitration Act have to be made for arbitration to be made easier,” said Mishra.
He further said that the continuous lapses in the passing of Bills because of the dissolution of the Lok Sabha must be avoided as it is a criminal waste of public money.
“There are 28 bills the 16th Lok Sabha cleared but these bills lapsed as the Rajya Sabha didn’t pass them. This kind of waste of money should not be allowed,” Mishra told the Lower House.
It is to be mentioned here the Lok Sabha passed the New Delhi International Arbitration Centre Bill, 2019. The Bill provides for the establishment and incorporation of the New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for better management of arbitration in India.
Earlier, a similar Bill was passed by Lok Sabha January 4. However the Bill lapsed with the dissolution of the 16th Lok Sabha. The Bill replaced an ordinance promulgated in March
this year.
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