Is institutional arbitration finally going to make an impact in India? Sourish Mohan Mitra reports
Gurgaon, home to the Indian operations of half of the Fortune 500 companies, may soon also become home to an international arbitration centre. The Times of India reported on 19 January that Punjab and Haryana High Court had given its consent for setting up of the centre and had forwarded a proposal in this regard to the Haryana state government.
Coupled with the launch of the Mumbai Centre for International Arbitration (MCIA) in October 2016, this is a welcome development that suggests that India may be overcoming its long-held scepticism towards institutional arbitration.
The MCIA, which has been hailed as India’s first international arbitration centre, was set up as a joint initiative by the Maharashtra state government and the domestic and international business and legal communities.
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SOURISH MOHAN MITRA is an India-qualified lawyer and currently works as associate director in the in-house team of a large global professional services firm in Delhi. The views he expresses are personal.