Sources informed dna, that the arbitration centre has almost been set-up at Nariman Point. There will also be an arbitration centre at the International Financial Services Centre (IFSC), once it is set-up.
India's first international arbitration centre – Mumbai Centre for International Arbitration (MCIA) will commence its operations in Mumbai from August this year.
Sources informed dna, that the arbitration centre has almost been set-up at Nariman Point. There will also be an arbitration centre at the International Financial Services Centre (IFSC), once it is set-up.
"Soft launch of MCIA will be carried out in the next few months, but a formal launch will be held in August end. Rules for MCIA have been finalised and currently the infrastructure is being established at Express Towers (Nariman Point), in Mumbai," said Madhukeshwar Desai, chief executive officer of MCIA.
MCIA, which is a part of IFSC, is expected to give competition to its Singapore counterpart as several of the disputes arising from India are expected to be filed within the country instead of filing it in Singapore. India ranks third among the top foreign users of the Singapore Arbitration Centre's services.
Various sectors, though welcomed IFSC, but their concerns over dispute redressal mechanism continues to remain.
"Putting the entire burden of resolution of the case on the judiciary will result in overburdening of judiciary and delay in meting out justice, which would again be seen as justice denied," shared an industry insider.
To commence its operations, MCIA has leased out 7,000 sqft of space at Express Towers in Nariman Point, where interior is being designed by a Singapore-based architect.
Time frame (a maximum of 18 months) as well as the cost has been standardised to ensure results in a fixed period of time. Arbitration is a less formal procedure than court litigation, and it is conducted in private, away from the glare of the media and the public. Generally, arbitration can also be more cost-efficient and speedier than court litigation.
Once MCIA, a not-for-profit organisation, is set-up it will result in retaining around $5 to $10 billion, as presently the amount is paid as fees at other centres across the globe.
With the state government (MMRDA) and Indian Railways yet to come on a common ground over IFSC and Bullet Train project, the next round of meeting among the officials will be held on May 23 to discuss if both the projects can co-exist on the same plot in Bandra Kurla Complex.
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