Mumbai : With an aim to provide a cost-effective and time-efficient resolution for international and local commercial disputes, IMC International ADR Center (IIAC) was launched, recently. The center will be based out of the IMC Building at Churchgate, Mumbai, and is named as ‘IMC Suresh Kotak International ADR Centre’.
IIAC officially commenced its operation, alongside the release of its Rules of Procedure at the hands of Justice Sujata Mano-
har (Retd), Chairperson of its Advisory Committee.
The state-of-the-art facility will undertake activities of alternate dispute resolution, like arbitration, mediation and conciliation, with facilities of international standards, such as video conferencing, speaker system and projection system.
This centre is registered as a separate company under Section 8 of the Companies Act 2013 (erstwhile Section 25 of the Companies Act 1956) has been promoted by IMC.
During the release of the Commercial Arbitration procedures rules (CAP), Summary Claims Arbitration Procedures (SCAP) and Mediation rules (Code of Conduct), Justice Sujata Manohar said, “Arbitrators should command confidence of the parties in providing their advice on merits. The launch of the arbitration system will ensure professionals from various fields also to act as arbitrators.”
Former Chief Justice of Bombay High Court, Justice Mohit Shah added, “Institutional arbitration is today’s need and has a bright future. Following the current trends, the importance of institutional arbitration, an increasing number of advocates are interested in this alternate dispute resolution mechanism.”
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)