Country’s first International Arbitration Centre inaugurated in Mumbai on 8th October, 2016
Report Prepared By Suyogya Awasthy, NLU Vizag, LawOF Admiral
International Arbitration in India A New Dawn
The country’s first International Arbitration Centre was inaugurated in Mumbai on 8th October, 2016 Saturday in the presence of Chief Minister Devendra Fadnavis, Poonam Mahajan Member of Parliament, Chief Secretary of the state and other national/international law firm partners, associates, solicitors.
The setting up of the Mumbai Centre for International Arbitration (MCIA) — which can resolve disputes between different companies or individuals — can be a step towards establishing the city as an international financial centre. At present, most of the global business disputes involving Indians land in the Singapore or the London arbitration centres. The total outflow of funds to resolve such cases, complete with logistics and other related expenditure, works out to around $ 5 billion. A centre in India can significantly bring down this cost.
The conference was divided into five sessions where topics such as Institution/Arbitration: Why India needs it, Special features of MCIA Arbitration Rules, Judicial Support for Arbitration in India, End User’s Perspective on India and hot topics in International Arbitration were discussed by the panellists in the each session.
The speakers were the firm partners/associates,solicitors,judges from India and abroad too where some of them were Tejas Karia(Shardul Amarchand Mangaldas), Chakrapani Mishra (Partner Khaitan & Company), Nish Shetty (Co-Chairman, MCIA), Neeti Sachdeva (Registrar and Secretary General, MCIA), Christopher Lau (Former Judicial Commissioner Singapore Judicial Court), Zia Mody (Founding & Managing Partner- AZB & Partners), Justice SS Nijjar (Former Judge Supreme Court Of India), Justice AP Shah (Former Chief Justice Delhi High Court), Nishith Desai (Founder Nishith Desai Associates), Cyril Shroff (Cyril Amarchand Mangaldas), Naresh Thacker (Head Litigation & Dispute Resolution- ELP), Eva Kalnina (Senior Assciate – Levy Kaufmann-Kohler,Geneva), Vyapak Desai (Co-Chairman MCIA), Madhukeshwar Desai (CEO MCIA) etc.
The principal sponsers for the event were Economic Laws Practice, Khaitan & Co, Nishith Desai Associates, Cocktail sponsor was Clifford Chance, Associate sponsors were Accuracy, Capital Novus, Cyril Amarchand Mangaldas, Trilegal and supporting organizations were UNICTRAL, CIArb, DTI, ICCA, SILF, Rhe Bar Association Of India.
Some important points discussed during the sessions were:
- The time scope of 12 months to dispose the dispute as per the Arbitration And Conciliation Act, 2015
- The preference of party’s arbitration over litigation proceedings.
- The venue and seat of arbitration and it’s violation with public policy.
- The rules of MCIA and how it is different from other present rules.
- There was also the discussion on the rule 14 and 15 of MCIA which talk regarding the appointment of Emergency Arbitrator and Interim Relief.
- Maharashtra becomes first state in the country to clear policy for institutional arbitration.
- It is also considered as a major step towards making Mumbai an International Financial Services Centre (IFSC) The MCIA will be an independent, not-for-profit organization (NGO) governed by a council comprising eminent national and international legal luminaries.
- It will provide world-class infrastructure for arbitration, 24×7 functionality and live transcription services recording during arbitration proceedings for transparency.
- It will be in sync with the Make in India campaign and will provide a time bound and cost-effective facility to reinforce investor confidence.
- At present, in absence of an international arbitration centre in the country most of the business disputes involving Indian parties land in Singapore or London International Arbitration Centres.
- Indian parties make up an estimated 30% of the arbitration cases handled by the Singapore and London Arbitration Centres.
- The total outflow of funds to resolve such cases along with logistics and other related expenditure is around $5 billion. MCIA will significantly bring down this cost.
Chief Minister Devendra Fadnavis, who visited the MCIA Saturday, said, “Mumbai will soon emerge as the most preferred destination for resolving international business disputes. MCIA is one of the most equipped arbitration centres not only in Asia, but across the globe. Another advantage is the pool of legal talent in country. This world-class facility will bring greater transparency, accountability and credibility to the process of resolving overseas arbitration.”
All these things made the whole event a successful launch of Mumbai Centre For International Arbitration (MCIA).
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