the Indian Merchants’ Chamber (IMC) has launched its International Alternate Dispute Resolution (ADR) Centre, a platform for entities to resolve commercial disputes through arbitration or mediation.
The ADR Centre will offer a full spectrum of services including arbitration, mediation and conciliation in a time-bound manner with the help of a panel of arbitrators and experts.
Alternate dispute resolution refers to the mechanism in which entities embroiled in commercial disputes resolve their issues with the help of arbitrators and mediators. The dispute is resolved without going through time-consuming court battles.
The ADR Centre was inaugurated on Friday by retired Supreme Court judge Justice Sujata Manohar. Also present on the occasion were retired chief justice of the Mumbai High Court Justice Mohit Shah and other senior IMC office-bearers.
“Arbitration is a very constructive step for speedy resolution. The panel should not only have lawyers and retired judges but also experts from various domains,” said Justice Manohar, who chairs the ADR Centre’s advisory committee.
She highlighted the fact that the IMC ADR has incorporated some interesting features like provision for emergency arbitration, fast track resolution for cases with claims of less than Rs. 2 crore and allowing mediation even as the arbitration process is on.
“The major importance of this centre is that it will provide arbitration, which will ensure quick and effective resolution of disputes between parties. Institutional arbitration is today’s need and has a bright future,” said Justice Shah.
Arbitration centres are popular globally and the renowned ones are located in Singapore, Hong Kong, London and Paris. India accounted for the highest number of case filings at the Singapore International Arbitration Centre (SIAC) in 2015.
Going ahead, IMC’s ADR Centre is bound to see competition within the city as the Maharashtra government has formed the Mumbai Centre for International Arbitration (MCIA), which is expected to start operations in August.
Gujarat-based GIFT City has already tied up with SIAC for an arbitration centre at the country’s first International Financial Services Centre (IFSC).
The major importance of this centre
is that it
will provide
arbitration
