Mumbai Centre for International Arbitration (MCIA) to launch in August 2016
The MCIA is set to challenge SIAC and other regional centres for arbitration disputes involving Indian parties
In August 2016 the Mumbai Centre for International Arbitration (MCIA) will commence work in a bid to become the institution of choice for local and international arbitrations involving Indian parties. The President of the MCIA will be Mr. Madhukeshwar Desai, a youthful Indian advocate with experience in commercial legal practice.
Launching the MCIA is also believed to support the development of the Mumbai International Financial Centre, which itself aims to foster international investment into and inter-state trade with Mumbai. It is commonly understood that providing an efficient, effective and neutral forum for resolving commercial disputes goes hand-in-hand with developing a successful international financial centre; the DIFC Court in Dubai being a notable recent example.
It has been reported that more than one fifth of the cases referred to the Singapore International Arbitration Centre (SIAC) involved Indian parties. This is to be expected, given that there are over 5,000 registered Indian companies in Singapore, making Indian companies the largest foreign corporate contingent in Singapore.
In February 2016, the SIAC appointed Mr. Darius Khambata, as Senior Counsel at the SIAC Court of Arbitration. Mr. Khambata is a renowned Indian practitioner who has appeared before the Bombay High Court and the Supreme Court of India. In April 2013, the SIAC opened its first overseas office in Mumbai.
For further information, please see: http://www.mumbaimirror.com/mumbai/others/International-arbitration-centre-to-open-in-August-at-Nariman-Point/articleshow/51759979.cms