The Mumbai Center for International Arbitration, India’s first major center for commercial arbitration, will launch in Mumbai on 8 October.The center is a joint venture between the Maharashtra government, industry members, and the legal fraternity.
Although there are other arbitration centers in India, this is the first one that can be approached for setting major international disputes, reports Mint. “There is a perception in the mind of the international business and legal community that arbitrations in India are not always entirely fair for various reasons. Institutionalizing arbitration will help in addressing this and not legislation,” said Sarosh Zaiwalla, senior partner at Zaiwalla & Co LLP, a London-based law firm.
Setting up an alternative dispute resolution mechanism will help ease an overburdened judicial system, as well as improve the ease of doing business in India. The government is heading in the right direction on arbitration, said Anirudh Krishnan, partner at Chennai-based A.K. Law Chambers
