The Mumbai Centre for International Arbitration (“MCIA”), India’s first international arbitration centre, was recently inaugurated in Mumbai. This is being seen as a major step towards making Mumbai an International Financial Services Centre and providing an arbitration platform for Indian business houses to negotiate commercial disputes.
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. The Arbitration Rules of the MCIA (“MCIA Rules”) not only reflect the best practice in arbitration from around the world but are also flexible, simple, and adaptable to parties’ needs. For example, parties can decide on the number of arbitrators, relevant qualifications of the arbitrators, seat of arbitration, venue of hearings and meetings, governing law of the contract, law governing the arbitration agreement, and language. The MCIA will be housed in a state-of-the-art purpose built 7,000 square foot complex, which can accommodate the largest of international arbitrations.
October 25th, 2016