Section 10
Power of Central Government to direct vesting of undertaking in Centre.
The India International Arbitration Centre Act, 2019
About this Act
An Act to provide for the establishment and incorporation of the New Delhi International Arbitration Centre for the purpose of creating an independent and autonomous regime for institutionalised arbitration and for acquisition and transfer of the undertakings of the International Centre for Alternative Dispute Resolution and to vest such undertakings in the New Delhi International Arbitration Centre for the better management of arbitration so as to make it a hub for institutional arbitration and to declare the New Delhi International Arbitration Centre to be an institution of national importance and for matters connected therewith or incidental thereto.
(1)
Notwithstanding anything contained in sections 7 and 8, the Central Government shall, as soon as
may be after the specified date, direct by notification, that the undertakings and the right, title and
interest of the Society in relation to such undertakings which had vested in the Central Government
under section 7, shall, vest in the Centre either on the date of publication of the notification or on such
earlier or later date as may be specified in the notification.
(2) Where the right, title and interest of the Society in relation to the undertakings vest, under subsection (1), in the Centre, the Centre shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, the rights and liabilities, respectively, of the Centre.
(2) Where the right, title and interest of the Society in relation to the undertakings vest, under subsection (1), in the Centre, the Centre shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, the rights and liabilities, respectively, of the Centre.