NEW DELHI: Lok Sabha on Monday passed a Bill to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre.
Piloting the New Delhi International Arbitration Centre (Amendment) Bill, 2022, Union Law Minister Kiren Rijiju said the objective of the amendment is to have world-class arbitration in the country.
He said that though it is a small Bill, sometimes "a small step can be a giant leap".
The minister further said arbitration would also help in reducing pendency of cases in the country.
According to the statement of objects and reasons of the Bill, "it is considered imperative to change the name of the Centre from New Delhi International Arbitration Centre to India International Arbitration Centre so that a unique identity of the institute of national importance as conferred on it by law is evident and reflects its true objective".
"It has been felt that the (New Delhi International Arbitration) Centre, being an institution of national importance, gives an impression of being city-centric whereas it should be reflective of the aspirations to promote India as a hub of institutional arbitration and establish itself as a centre of international commercial arbitration," the statement said.
On remarks by some members that corporates prefer Singapore and London for arbitration, the minister said work was going on and India would "definitely" become a global hub for international arbitration.
"Businesses will come to India also," he added.
On increasing pendency of court cases, Rijiju said judges were working to dispose cases at a faster pace now.
Participating in the debate, Amar Singh of the Congress said all big corporates were going to Singapore and London for arbitration.
BJP's Ramesh Bidhuri suggested that cases should be resolved within their stipulated time.
Saugata Roy of the TMC described the Bill as a "superfluous legislation".
He said international businesses, including those of Indian industrialists Ambanis and Adanis, go to Singapore for arbitration.
"Why has the government not made any progress to make New Delhi a major centre for arbitration," he asked.
Supriya Sule of the NCP stated that the Bill talks only of a name change and is a "colossal" waste of Parliament's time.
There is really nothing else in this Bill and this is appalling, she said.
Sule added that intellectual lawyers and high-net individuals were leaving India.
"Why do you not introspect to improve and strengthen the system instead of bringing a law of just changing names?" BSP MP Kunwar Danish Ali flagged issues on the current judicial infrastructure in India, and referred to the case of journalist Mohammed Zubair's arrest.
Rich lawyers sit in London and join proceedings via video-conferencing, but it is very difficult for a poor person to secure justice in the current times, he added.