JusTech firm Jupitice Justice Technologies Private Ltd. has announced international expansion plans to grow its base.
The firm has designed and built a justice technology platform, claimed to be the first globally, to help resolve civil disputes through the private justice delivery mechanism.
“We are entering the APEC countries — 21 members of the APEC — which now control 60% of the global GDP,” said Raman Aggarwal, founder & CEO.
“We have been working on the joint framework for Online Dispute Resolution. Now, we want to have such infrastructure in the APEC countries so that the disputes of their MSMEs can be resolved. This segment is important because 95% of the GDP of these countries come from MSMEs,” he said.
The other focus areas are African countries and the Middle East, especially Dubai, as it is emerging as one of the International Arbitration Centres, he added.
In India, the company said it has resolved financial disputes of several MSMEs thus helping them to release cash to meet their financial commitments.
“The biggest challenge of MSMEs is their limited capital. When their entire capital is blocked in some dispute, they are struck, because they do not have easy access to the banking system. So, once they bag binding and enforceable order through our platform, they get their money back to utilise in business,” he said.
Still, a large section of MSMEs are not using the platform because of lack of awareness around the private justice system.
“To deal with this, we have now created a global address, a global digital court with a team of independent judges and a list of procedures that can help solve their disputes. We have created an ecosystem where MSMEs can come and resolve their disputes,” Mr. Aggarwal explained.
He said in three months, more than 6000 cases were filed on the Jupitice platform by MSMEs of which 199 cases had been resolved resulting in recovery of a total sum of Rs 3.14 crore.
“With better market penetration and strategic partnerships, we expect better numbers in the upcoming years,” he added.
To popularise the platform the firm is set to sign MoUs with the top three arbitration institutions of India which will be its strategic partners thus all of their panels would be a part of its platform.
It is also planning to execute strategic tie-ups with all the Lok Adalats in India so that they can use its Private Digital Court as there is an element of settlement in the parties that approach the Lok Adalats.
“Besides we are targeting the State-level MSME Councils where the disputes can be sorted out,” he added.
The firm has designed, built & operating a digital platform that connects disputants with ADR practitioners i.e. Arbitrators, Conciliators, Mediators, Assisted Negotiators and Lawyers to find and hire their own neutrals and lawyers to seek their dispute resolution services in a transparent manner.
