The Mumbai Centre for International Arbitration (MCIA) is the only place in India that offers the infrastructure to resolve disputes through alternate measures in an eighteen-month time frame.
The Mumbai Centre for International Arbitration was inaugurated on 8 October 2016 as a joint initiative between the Government of Maharashtra and the international and domestic and legal communities. This was done in order to transform Mumbai into a major international financial center. The MCIA appoints arbitrators who provide confidentiality to disputing parties and understand the nuances of the cases.
This method of resolving disputes is gaining momentum for many reasons. A Maharashtra government policy in 2016, says, “Institutional arbitration has clear advantages. It provides qualified arbitrators impaneled with the institution, and the rules and procedures of the arbitral proceedings are determined by the institution. The institution provides administrative support in the form of the Secretariat and staff. It mostly saves parties the huge cost of fees, which may be predetermined, as per the nature of dispute and services of the arbitrators.”
Retired Justice of the Supreme Court B.N. Shrikrishna said the MCIA is “the right step in the right direction.”
Out of the 18 members, 9 are international arbitration practitioners. This makes the MCIA a premier institution.
All commercial cases except those related to and intellectual property and tax are arbitrable in India.
According to the MCIA rules, in order to initiate a resolution process, an applicant has to submit an application before the MCIA stating they are going in for dispute resolution. After that, an arbitrator decides a date accordingly. Arguments are made on both sides, Cross-examination takes places and after that, an award (order) is passed by the MCIA.
There is a fee calculator and a schedule of fees on the center’s website. Based on the claim and counter-claim, the institution decides on the cost of the arbitration process, which includes the cost of the arbitrator and that of the arbitration center. The MCIA charges a very low cost compared to that of the SIAC. To put it into perspective, the MCIA charges 35% of the cost as compared to SIAC.
The MCIA has a separate wing called ‘Young MCIA’, which is an independent body under the MCIA, wherein hundreds of young people from across the world will hold events every month, nationally and internationally. There is a questionnaire to qualify as a young MCIA member.
The MCIA conducts international roadshows every year along with one expert and a law firm that is with them.
This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.