Vadodara: For years now, Singapore has attracted a major chunk of arbitration business from India. Of the 287 cases arbitrated by the Singapore International Arbitration Centre (SIAC) in 2014, around 60% were those of Indian companies.
However, companies won’t have to go that far to settle their disputes now. Vadodara is all set to house an International and Domestic Arbitration Center India (IDAC India) that will provide time-bound and cost-effective arbitration facility. This would be the first institutionalized arbitration centre in Gujarat and only the third in India, reports The Times of India.
IDAC India is the brainchild of five professionals from the city who have formed a company for this not-for-profit entity. The centre is scheduled to be inaugurated by Union minister of corporate affairs Nirmala Sitharaman later this month. `Cheaper, efficient arbitration will attract cos from abroad too’ Chartered accountant Manish Baxi, one of the promoters said, “The centre will have an approval of the ministry of company affairs and follow the rules of the Arbitration and Conciliation Act. India being a signatory to GATS-WTO, the arbitration process will be applicable to 106 countries.”
The infrastructure for the arbitration centre is ready at a complex in the posh Sarabhai Compound. The centre has already empaneled over 55 arbitrators and expects to have 200 by March. These include arbitrators from various disciplines including one from the US having an expertise in the diamond industry.