IIAC (Conduct of Arbitration) Regulations, 2023

On  01-09-2023, India International Arbitration Centre (IIAC) notified the India International Arbitration Centre (Conduct of Arbitration) Regulations, 2023 (The ‘Regulations’).

Application– Where parties have agreed to refer their dispute to the Centre for arbitration (whether before or after a dispute has arisen) or where any Court directs that the arbitration be conducted between the parties under the aegis of the Centre, the parties shall be deemed to have agreed that the arbitration is to be conducted or administered by the Centre in accordance with the provisions of these regulations.

Key Features of the Regulations are:

1. Efficient and Time Bound Process: The Regulations provides for efficient and time bound process of arbitration including day-to-day hearing.
2. Fast Track Procedure: The regulations provide for the Fast Track Procedure in which Awards shall be made within a period of 6 months from the time Arbitral Tribunal enters reference.
3. Emergency Arbitrator: The Regulations offer an efficient and time-bound provisions for the appointment of the Emergency Arbitrator for interim emergency reliefs.
4. Interim Measures: A party may, during the arbitral proceedings apply to the Arbitral Tribunal for an interim measure of protection in respect of the subject-matter of the dispute as it may consider necessary.
5. Nomination of Arbitrators: The Regulations provides an option to the Parties to nominate the Arbitrator from the Panel of Arbitrators maintained by IIAC or any other arbitrator in exceptional circumstances.
6. Appointment of Arbitrator by Justice (Retd.) Hemant Gupta, Chairperson, IIAC on the advice of the Advisory Panel: The Chairperson shall be empowered to appoint arbitrators including from the panel of arbitrators maintained by IIAC on the advice of the Advisory Panel and in all cases, the arbitrators nominated by the parties, or by any third persons, shall be subject to appointment by the Chairperson. In appointing an Arbitrator due consideration shall be given to qualification of the Arbitrator as per the Agreement of the parties. The Chairperson shall also consider whether the Arbitrator has sufficient time, availability and ability to conduct the case in a prompt and efficient manner.

7. Jurisdiction: If a party objects to the existence or validity of the arbitration agreement, or to the competence of the Centre to administer an arbitration, the same shall be decided by the Arbitral Tribunal after it is constituted.