India International Arbitration Centre
Also called: New Delhi International Arbitration Centre · Topic: Justice Delivery: Subordinate Courts, Tribunals, Legal Aid and Judicial Reforms · NCERT: Beyond NCERT
Meaning
The India International Arbitration Centre (IIAC) is an institution set up by a 2019 Act of Parliament. It was first called the New Delhi International Arbitration Centre and was renamed in 2022. It is declared an institution of national importance. Its job is to promote institutional arbitration, which means arbitration run by a proper centre with fixed rules, instead of loosely arranged arbitration between the parties. It aims to make India a hub for settling business disputes.
Example
An Indian company and a foreign firm can agree in their contract that any dispute will go to arbitration at the IIAC in New Delhi. This lets them avoid going to a centre abroad.
Don't confuse with
- Commercial courts: they are regular civil courts that decide business disputes. The IIAC only runs arbitrations, in which arbitrators chosen under its rules give the award.
Related concepts
- Alternative dispute resolution
- Arbitration
- Conciliation
- Mediation
- Mediation Act 2023
- Commercial courts