"Here Comes The Sun"....International Arbitration Center To Open In Mumbai Soon
Out of every 100 cases that the Singapore International Arbitration Center (SIAC) receives, 22 involve one party that is Indian. Instead of sending these large contractual disputes for settlement beyond Indian borders, the Mumbai Center for International Arbitration (MCIA)—part of Mumbai International Financial Services Center—will settle them in the city, starting in August.
Businesses with large contractual disputes that don't wish to navigate the sinuous course of the Indian judicial system-—tareekh pe tareekh—often have to traverse as far as Dubai and London. SIAC even opened a liaison office in Mumbai in 2012 to serve this unmet need.
For instance, arbitration proceedings in the high voltage dispute between the government and Reliance Industries on the Krishna Godavari - D6 gas wells were conducted in London. While smaller centers such as Indian Merchants' Chamber set up operations in 2014, the MCIA aims to give its global counterparts a run for their money.
A 2015 World Bank study India ranked 130th among 186 nations in ease of doing business so the time and climate is ripe. 7000 sq ft have been leased on the 20th floor of the prestigious Express Towers and Singaporean firm will be designing the space. "Starting an arbitration center will be the first step in making Mumbai an international financial center. It will give a fillip to local businesses here in Mumbai, especially the hospitality and travel sector"
The arbitration panel will comprise empaneled arbitrators— qualified, independent individuals who will adhere to the Rules of the Institution. The MCIA will also conduct training programs and workshops to incorporate international best practices.
Arbitrators and parties involved in dispute will have adhere to the MCIA rules, which will be strictly implemented by the institution as well as adhere to cost structure prescribed under the Rules, Desai added.
These individuals will be experts from fields of law, finance, engineering, medicine among others.
A committee of international and Indian lawyers was roped in to draft the rules of business for MCIA, including Nish Settee, head of Asia international arbitration at Clifford Chance, former president of the ICC International Court of Arbitration John Beechey, and the former chairman of SIAC Michael Pryles.
After the rules were drafted, they were vetted by legal luminaries such as Fali Nariman, Harish Salve and Justice B N Srikrishna.