INDIA'S FIRST INTERNATIONAL
ARBITRATION CENTRE LAUNCHED IN MUMBAI:
The country's first International Arbitration Centre was inaugurated in Mumbai on 8 October 2016. The setting up of the Mumbai Centre for International Arbitration (MCIA) — which can resolve disputes between different companies or individuals — can be a step towards establishing the city as an international financial centre. At present, most of the global business disputes involving Indians land in the Singapore or the London arbitration centres. The MCIA,will be an independent, not-for-profit organisation governed by a council comprising eminent national and international legal luminaries including Justice S.S. Nijjar, Nish Shetty, Vyapak Desai, Cyril and Pallavi Shroff among others. It will have a 12-month timeline to complete arbitration seated in India and a prescribed fee structure as per the size of the disputed contract amount, which will enable both parties to know the cost of arbitral proceedings before they approach MCIA.
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The country's first International Arbitration Centre was inaugurated in Mumbai on 8 October 2016. The setting up of the Mumbai Centre for International Arbitration (MCIA) — which can resolve disputes between different companies or individuals — can be a step towards establishing the city as an international financial centre. At present, most of the global business disputes involving Indians land in the Singapore or the London arbitration centres. The MCIA,will be an independent, not-for-profit organisation governed by a council comprising eminent national and international legal luminaries including Justice S.S. Nijjar, Nish Shetty, Vyapak Desai, Cyril and Pallavi Shroff among others. It will have a 12-month timeline to complete arbitration seated in India and a prescribed fee structure as per the size of the disputed contract amount, which will enable both parties to know the cost of arbitral proceedings before they approach MCIA.
Subscribe now jee entrance exam
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