Question: India’s first international arbitration centre has been established in … .
a) Mumbai
b) Goa
c) Lucknow
d) Bhopal
Ans: (a)
Related facts:
- On 8th October, 2016 Maharashtra Chief Minister Devendra Fadnavis inaugurated the Mumbai Centre for International Arbitration (MCIA), India’s first international arbitration centre.
- The MCIA will be an independent, not-for-profit organisation governed by a council of eminent national and international legal experts.
- It will provide world-class infrastructure for arbitration and will be equipped with sound-proof rooms, access to arbitration rooms only with digital key cards and round the clock functionality.
- It will have a 12-month timeline to complete arbitration seated in India and a prescribed fee structure according to the size of the disputed contract amount.
- A day-long seminar on arbitration was also organized on this occasion.
- An estimated 30 per cent of the arbitration cases are handled by the Singapore and London International Arbitration Centres and in this context MCIA will prove to be a step towards making Mumbai an International Financial Services Centre.
- It will also provide platform for Indian business houses to negotiate commercial disputes.
- Madhukeshwar Desai is the Chief Executive Officer of Mumbai Centre for International Arbitration.
- State Chief Secretary Swadheen Kshatriya briefed on the occasion that the State arbitration policy has made it binding that all government contracts worth more than Rs. 5 crore will have standard arbitration clauses.
Reference:
http://www.thehindu.com/news/cities/mumbai/cm-launches-indias-first-international-arbitration-centre/article9203594.ece
http://indianexpress.com/article/india/india-news-india/devendra-fadnavis-international-arbitration-centre-in-mumbai-3072690/