The India International Arbitration Centre (IIAC) has proposed a set of rules establishing a timeframe for day-to-day hearings in arbitration proceedings.
Before the International Arbitration Centre (Conduct of Arbitration Proceedings) Regulations, 2023 are finalized and implemented, the IIAC has solicited suggestions and opinions from all stakeholders.
By April 24, 2023, suggestions can be emailed to Justice Hemant Gupta, Chairperson of IIAC, or to the registrar of IIAC at registrar@indiaiac.org.
Justice Gupta stated that the draft regulations were created after considering the mandate of the Arbitration and Conciliation Act of 1996 as well as international best practices in institutional arbitration.
The arbitral tribunal has the discretion to conduct the arbitration in any way it deems appropriate to ensure a cost-effective, fair, and timely resolution of the dispute, according to proposed regulation 25.
Following the appointment of all arbitrators, the tribunal must meet with the parties to discuss the procedures that will be most appropriate and efficient for the case, as well as to establish a procedural timetable.
After consulting with the parties, the tribunal may modify the timetable or take additional procedural steps as necessary. The filing of the claim and defense statements must be completed within six months of the arbitrator’s appointment.
Despite any party’s failure to comply with the regulations or the tribunal’s orders or directions, the tribunal may proceed with the arbitration and impose sanctions.
