{"id":265041,"date":"2022-04-05T15:30:45","date_gmt":"2022-04-05T10:00:45","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=265041"},"modified":"2022-04-05T15:07:01","modified_gmt":"2022-04-05T09:37:01","slug":"international-arbitration-centre-to-be-set-up-in-gift-city","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/05\/international-arbitration-centre-to-be-set-up-in-gift-city\/","title":{"rendered":"International Arbitration Centre to be set-up in GIFT city"},"content":{"rendered":"<p style=\"text-align: justify;\">On 1st February 2022, Finance Minister Nirmala Sitharaman announced the Union Budget 2022 and provided for an International Arbitration Center (IAC) to be set-up in GIFT City. It is being established to ensure fast disposal of cases and avoiding repetitive appeals. It will provide cost effective and time-bound dispute resolution mechanism.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Siddhartha Patnaik<\/strong>, Head Legal, T&amp;D, Railways, Solar &amp; Smart Infra, KEC International said that :<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">&#8220;This is a forward looking and futuristic step towards making India as hub of International Arbitration. It will benefit the legal community and especially the Corporates in terms of saving time and money.&#8221;<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The Government has aimed at ensuring fast disposal of cases and avoiding repetitive appeals which will attract more investors and companies and have unlocked doors for India as a country to become a global dispute resolution centre.<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">&#8220;This is a much needed positive step towards making India a global dispute resolution centre on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre.\u201d says <strong>Rajiv Mohapatra<\/strong>, Director, Regulatory Affairs (Asia Pacific), MasterCard<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The proposed IAC will not only boost foreign investor confidence to set up business in GIFT IFSC but also place GIFT IFSC on par with other competing jurisdictions. This International Arbitration Centre will strengthen the dispute resolution mechanism at GIFT IFSC &amp; enhance the ease of doing business at GIFT. It will enhance the global standard of IAC by providing cost effective and time-bound dispute resolution mechanism.<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">&#8220;ADR has been a long talk in India but concrete steps are being taken presently. This institution should be a benchmark for other institutional ADR centres to follow.&#8221; says <strong>Anuroop Omkar<\/strong>, Partner, AK &amp; Partners<\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>On 1st February 2022, Finance Minister Nirmala Sitharaman announced the Union Budget 2022 and provided for an International Arbitration Center (IAC) to <\/p>\n","protected":false},"author":121,"featured_media":265052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-265041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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Here&#8217;s why Supreme Court overruled N.V. International verdict","author":"Prachi Bhardwaj","date":"March 22, 2021","format":false,"excerpt":"Supreme Court: The 3-judge bench of RF Nariman, BR Gavai and Hrishikesh Roy, JJ has held that given the object of speedy disposal sought to be achieved both under the Arbitration and Conciliation Act, 1996 and Commercial Courts Act, 2015, for appeals filed under section 37 of the Arbitration Act\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/sc-3-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":96101,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/31\/high-level-committee-constituted-to-review-institutionalization-of-arbitration-mechanism-in-india\/","url_meta":{"origin":265041,"position":1},"title":"High Level Committee constituted to review Institutionalization of Arbitration Mechanism in India","author":"Saba","date":"December 31, 2016","format":false,"excerpt":"Justice Dispensing System in India has come under great stress for various reasons including huge pendency of cases in various courts. The injustice is particularly egregious in commercial disputes, where cases remain pending for years. Accordingly, arbitration provides an effective and efficient alternative window for dispute resolution. The Government of\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":265409,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/13\/confidentiality-and-open-justice-in-arbitration-disputes-in-court\/","url_meta":{"origin":265041,"position":2},"title":"A Conflict of Principles: Confidentiality and Open Justice in Arbitration Disputes in Court","author":"Editor","date":"April 13, 2022","format":false,"excerpt":"by Drasti Jain* and Aryan Deshmukh**","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/New_Arbitration.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/New_Arbitration.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/New_Arbitration.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/New_Arbitration.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/New_Arbitration.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":279462,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/12\/register-now-professor-jeffrey-waincymer-will-deliver-4th-indian-review-of-international-arbitration-distinguished-guest-lecture-on-international-arbitration-17-december-2022-at-1200-pm-ist-onli\/","url_meta":{"origin":265041,"position":3},"title":"Professor Jeffrey Waincymer to deliver lecture on International Arbitration | 17 December 2022 at 12:00 PM IST | Online [Register Now]","author":"Bhumika Indulia","date":"December 12, 2022","format":false,"excerpt":"About MNLU Mumbai Maharashtra National Law University (MNLU) Mumbai is a premier law university established in 2015 in the economic capital of the country. MNLU Mumbai is committed to providing the finest legal education. Under the able guidance of the Chancellor, Hon'ble Justice Dr. D.Y. Chandrachud, Chief Justice of India;\u2026","rel":"","context":"In &quot;Law School News&quot;","block_context":{"text":"Law School News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/lawschoolnews\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-447.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":349804,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/06\/05\/cji-gavai-inaugurates-ica-conference-on-arbitrating-indo-uk-commercial-disputes\/","url_meta":{"origin":265041,"position":4},"title":"\u2018India and UK share a rich history, bound by tradition of arbitration and mediation\u2019: CJI BR Gavai inaugurates ICA Conference on \u2018Arbitrating Indo-UK Commercial Disputes\u2019","author":"Editor","date":"June 5, 2025","format":false,"excerpt":"The 3rd Edition of the International Conference on \u2018Arbitrating Indo-UK Commercial Disputes: Synergizing India\u2014UK Arbitration Practices\u2019, unfolded on 5-06-2025 in London.","rel":"","context":"In &quot;Events\/Webinars&quot;","block_context":{"text":"Events\/Webinars","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/events-and-webinars\/"},"img":{"alt_text":"CJI BR Gavai","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/CJI-BR-Gavai.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/CJI-BR-Gavai.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/CJI-BR-Gavai.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/CJI-BR-Gavai.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":265016,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/05\/international-commercial-arbitral-award\/","url_meta":{"origin":265041,"position":5},"title":"Kar HC deals whether an international commercial arbitral award rendered outside India between the parties who have no connection to India can be enforced in India","author":"Editor","date":"April 5, 2022","format":false,"excerpt":"Karnataka High Court: A Division bench of Ritu Raj Awasthi, CJ., and Suraj Govindaraj, J. issued notice to the respondent and listed for 22-02-2022. 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