India International Arbitration Centre (IIAC) Seeks Feedback on Proposed Regulations for Arbitration Proceedings

India International Arbitration Centre (IIAC) Seeks Feedback on Proposed Regulations for Arbitration Proceedings

The India International Arbitration Centre (IIAC) has put forward regulations that would establish a timeframe for daily hearings during arbitration proceedings.

Before the finalization and implementation of the International Arbitration Centre (Conduct of Arbitration Proceedings) Regulations, 2023, the IIAC has opened an invitation for stakeholders to provide their feedback and opinions. Suggestions can be submitted until April 24, 2023, via email to Justice Hemant Gupta, the Chairperson of IIAC, or the IIAC registrar at registrar@indiaiac.org.

Justice Gupta has stated that the proposed regulations were drafted by taking into account the Arbitration and Conciliation Act, 1996's mandate and the best practices of institutional arbitration internationally.

Regulation 25 of the proposed regulations grant the arbitral tribunal discretion to determine the most appropriate way to resolve the dispute in a cost-effective, fair, and timely manner.

Once all arbitrators have been appointed, the tribunal is required to hold a preliminary meeting with the parties to discuss the most suitable and efficient procedures for the case and establish a procedural timetable, as per the proposed regulations.

The tribunal has the authority to revise the procedural timetable and introduce additional measures after consulting with the parties. The filing of the statement of claim and defence statement must be completed within six months of the appointment of the arbitrator.

The tribunal may proceed with the arbitration and impose sanctions, even if a party fails to comply with the regulations or the orders and directions of the tribunal.