Act Number: 17

Act Name: The India International Arbitration Centre Act, 2019

Year: 2019

Enactment Date: 2019-07-26

Long Title: 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.

Ministry: Ministry of Law and Justice

Department: Department of Legal Affairs

Section 11: Management, etc., of undertakings.
    (1) The general superintendence, direction, control and management of affairs of the undertakings, the right, the interest in relation to which have vested in the Central Government under section 7, shall--
     (a) where a direction has been made by the Central Government under sub-section (1) of section 10, vest in the Centre; or
     (b) where no such direction has been made by the Central Government, vest in the Custodian appointed by the Central Government under sub-section (2),
     and, thereupon, the Centre or the Custodian so appointed, as the case may be, shall be entitled to exercise all such powers and do all such things as the Society, is authorised to exercise and do in relation to its undertakings.
     (2) The Central Government may appoint any person as the Custodian of the undertakings in relation to which no direction has been made by it under sub-section (1) of section 10.
     (3) The Custodian so appointed shall receive such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.
    
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