Mumbai International Arbitration Centre
| Mumbai International Arbitration Centre | |
|---|---|
| Established | 2016 |
| Jurisdiction | International |
| Location | Mumbai |
| Secretary-General | |
| Chairperson | |
Mumbai Centre for International Arbitration is an autonomous institution formed as system for alternate dispute resolution and act as arbitrator or mediator in case of international commercial transactions. The channel helps in enforcing the right of individuals under segment 89 of Civil Procedure Code, 1908 to exercise right for out of court settlement in case such possibility exists.
History and Objective
[edit]Mumbai International Arbitration Centre was started in 2016[1] for resolving international disputes on commercial litigations except relating to tax and intellectual property can be resolved through arbitration and mediation.[2]
Aims
[edit]Mumbai International Arbitration Centre has been set up aimed with the following-[3][4][5]
- Helps in settling international disputes which involves Indian companies.
- Helps in Easing of doing business in the country.
- Cost efficient for settling disputes as it can be settled in the country.
- Cities act as neutral place with arbitrators having best professional experience in International standards.
- Dispute to be resolved in 12 months from date of filing.
Members
[edit]There are 18 members as Arbitrators in Mumbai International Arbitration Centre and 9 out of them are from other countries.[2]
Procedure
[edit]The rules for Mumbai Centre for International Arbitration (MCIA) lays down following procedure for arbitration process[2]
- Application for dispute resolution to be made to Central Government.
- Arbitrator from Mumbai Centre for International Arbitration (MCIA) finalises day of hearing.
- After hearing and cross examination from parties to dispute, ruling is made.
- A standard percentage of fees is fixed by the Institution after claims and counter claims, which includes cost of the arbitrator and amount payable to the centre.
Challenges
[edit]The awareness on Mumbai International Arbitration Centre as institution is less in general public and also it needs skilled people,financial support and staff are lacking.[2]
See also
[edit]References
[edit]- ^ Jog, Sanjay (8 October 2016). "Devendra Fadnavis launches Mumbai Centre for International Arbitration". Business Standard India. Retrieved 30 August 2022.
- ^ a b c d Saigal, Sonam (4 August 2019). "Arbitration centre in city pushes to be among global best". The Hindu. Retrieved 30 August 2022.
- ^ vishwanath, Apurva (27 September 2016). "India's first commercial arbitration centre to be opened in Mumbai". mint. Retrieved 30 August 2022.
- ^ Vyas, Maulik; Dave, Sachin (31 March 2016). "Mumbai to get international arbitration centre by August". The Economic Times. Retrieved 30 August 2022.
- ^ "Navigating commercial disputes in India". Law.asia. 24 August 2022. Retrieved 31 August 2022.