The India International Arbitration Centre (IIAC) Releases Conduct Of Arbitration Regulations, 2023

The India International Arbitration Centre (IIAC) has officially unveiled the India International Arbitration Centre (Conduct of Arbitration) Regulations, 2023 (hereinafter referred to as the "Regulations"), shedding light on the intricate procedures governing arbitral processes. These Regulations, which became effective on September 1, meticulously outline the procedure for initiating arbitration under the purview of IIAC, the selection of arbitrators, and the mechanisms for resolving disputes. The Regulations also encompass provisions aimed at expediting arbitration proceedings, the appointment of emergency arbitrators, ensuring time-bound disposition of arbitral cases, and defining the roles of the advisory panel, which includes members appointed by the Central government and other esteemed individuals. Key Highlights: Initiation of Arbitration (Regulation 4): Parties can commence arbitration by submitting a request through convenient means such as the IIAC's website, email, or physical submission. Competent courts also have the authority to direct the commencement of proceedings. Response to Disputes (Regulation 5): Respondents are required to respond to the dispute within 14 days of receiving the request. Digital Transactions (Regulation 6): Recognizing the prevalence of digital transactions, the Regulations permit written communications, including notices and proposals, to be transmitted electronically. Time Zones (Regulation 6): To account for international disputes, it is specified that the relevant time zone for calculating communication timelines should be that of the place of arbitration or, if not yet determined, Indian Standard Time. Additional Parties and Consolidation: Subsequent regulations address the inclusion of additional parties in arbitral disputes, circumstances for consolidating multiple arbitrations, and the composition and functions of the IIAC advisory panel. Arbitrator Independence (Regulation 10): Arbitrators are mandated to disclose in writing any factors, such as financial interests, business ties, or professional affiliations, that could potentially affect their impartiality or independence. Arbitrator Selection (Regulations 11-14): The process for appointing arbitrators, confirming sole arbitrators, and appointing arbitrators for multi-party disputes is outlined. The IIAC Chairperson holds the authority to appoint arbitrators, considering advice from the advisory panel. Fast Track Procedure (Regulation 17): A fast track procedure is introduced, enabling parties to expedite dispute resolution through mutual written agreement. Such proceedings must conclude within six months from the formation of the arbitral tribunal. Emergency Arbitrators (Regulation 18): The Regulations authorize the appointment of emergency arbitrators for cases necessitating immediate interim relief. These arbitrators are obliged to issue orders within 15 days, with potential extensions under exceptional circumstances. Ordinary Case Timelines (Regulation 25): Timelines for ordinary arbitral proceedings are established. Importantly, it mandates a preliminary meeting with parties to establish an efficient procedural timetable. Language of Arbitration (Regulation 26): English is designated as the default language for arbitrations unless parties mutually agree otherwise. Confidentiality (Regulation 42): Parties and arbitrators are bound by strict confidentiality obligations concerning all arbitration-related matters and awards. Spirit of Regulations (Regulation 44): Emphasizing the principles embedded in the Regulations, including fairness, promptness, and cost-effectiveness, this regulation underscores that all individuals involved in arbitration, including the Chairperson, Members, Chief Executive Officer, Registrar, and the Arbitral Tribunal, should act in accordance with these principles. The IIAC may also release practice directives to facilitate the administration of arbitration. Moreover, a schedule accompanying the Regulations delineates the fees applicable based on the dispute amount for both domestic and international arbitration cases. Click Here To Read/Download Notification

The India International Arbitration Centre (IIAC) Releases Conduct Of Arbitration Regulations, 2023

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The India International Arbitration Centre (IIAC) Releases Conduct Of Arbitration Regulations, 2023

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