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April 1, 2016

Maharashtra, Gujarat in the race for India_s first IAC
India waits for its FIRST International Arbitration Centre

India is planning to have its own International Arbitration Centre and both Maharashtra & Gujarat are lining up to host India’s 1st IAC. The Mumbai IAC will be an independent arbitration centre whereas GIFT City is planning to rope in a major global name to start its office at GIFT IFSC.


The Maharashtra government is showing keen interest in formulating Mumbai Centre for International Arbitration (MCIA) which is expected to start its operations as early as August this year.

 

Madhukeshwar Desai, CEO, MCIA, says that international best practices were kept in mind and a thorough process was monitored for establishing the MCIA. The MCIA committee currently includes international and domestic practitioners.
MCIA will be an independent not-for-profit body. It will however be supported by the Maharashtra State government. The MCIA will be an integral part of the proposed IFSC at BKC. The MCIA is housed in Express Towers which will have the capacity to accommodate any big international arbitrations.
All successful IFSCs in the world have a healthy alternate dispute resolution mechanism and an IAC is a step in the same direction. Setting up of IAC will be a big boost to the Central Government’s motto of ease of doing business in India.
GIFT City is in advanced talks with existing IACs to help them set up their overseas arbitration office in GIFT City. For a successful IFSC, it is of utmost importance that a properly formulated Dispute-resolution mechanism is set-up.
Experts feel that the Indian IAC should be at-least adhering to the global standards of arbitration which is the minimum expectation. Anything which will lead to ease-of-doing business in India will certainly be welcomed by Investors, both domestic and international.
Currently, there is not even a single IAC in India. Few years back, The London Court of International Arbitration, India (LCIA India) had started an office in New Delhi but the same was closed down recently. Currently, Indian corporates trying to settle disputes tend to go to the IAC at Singapore, Hong Kong and London. According to the 2015 annual report of Singapore International Arbitration Centre (SIAC), 73 foreign case filings were done by India which is the highest from any country in SIAC.

 

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