18 Oct 2021 6:13 AM GMT
Over 7000+ commercial and civil cases filed on the Jupitice platform will be resolved through various Alternative Dispute Resolution (ADR) mechanisms like Arbitration, Conciliation, Negotiation, Mediation and ODR (Online Dispute Resolution) India's new Private Digital Court addresses all major problems faced by MSMEs today – resolve disputes faster, keep disputes at...
New Delhi; October 18: India's first digital court, developed by Jupitice Justice Technologies, has now come up with a customized MSME court (Micro, small, and medium-sized business court) to swiftly resolve the rising disputes in the small to mid-level businesses. After making headlines for being the first globally, to help resolve civil and commercial disputes through the private justice delivery mechanism; the MSME Digital court developed by Jupitice is determined to help the SME owners to resolve their commercial disputes through various ADR Mechanism i.e. Arbitration, Conciliation, Mediation among others.
Considered as the accelerator of socio-economic development of the country, the MSME sector has been gaining momentum as it accounted for nearly 30% of India's Gross Domestic Product (GDP) in the financial year 2019. A slew of development schemes have been announced in order to increase the sector's contribution to GDP to 50%.
However, the sector continues to face multiple challenges, one of which is lack of working capital. Since MSMEs don't have sufficient security to offer to the bank for raising capital or other alternate ways of raising capital, they continue to work with their limited capital. However, in case of any dispute, the entire capital is bound to get blocked. Therefore, it is imperative that MSMEs have speedy justice given the long time taken in litigation in courts.
Keeping the facts in mind, Jupitice announced the World's First MSME Digital Court. The AI-driven platform will resolve disputes that include civil, commercial, personal, consumers, etc. under the Private Justice System.
"Jupitice's MSME Digital Court is a Digital Mirror of Traditional Court with Ultra-Advanced Digital Justice Infrastructure powered by a complete digital justice ecosystem. This means that an out-of-court settlement through ADR mechanism is now possible, that too all online. SME owners or stakeholders won't have to worry about investing their time, energy, focus, money on resolving disputes via a time-consuming litigation process," said Mr Raman Aggarwal, Founder and CEO, Jupitice Justice technologies.
Maharashtra MSMEs filed 20,463 applications, of which 8,589 are outstanding, according to the dashboard of MSME Samadhan, a delayed payment-monitoring system. With 6,345 out of 7,864 total, Delhi has the second-highest number of outstanding applications in the country. Pune has the fifth highest pendency rate in the country.
"As a small to mid-level enterprise, getting into a legal suit is probably our worst nightmare. I mean, nobody wants a lawsuit, right? But getting into one means risking our business, capital invested, basically the livelihood of people dependent on companies like us. If there is a way to settle issues or disputes outside of court and if possible, digitally, that would be ideal for all parties," said a MSME owner.
MSMEs also contribute significantly to job creation, employing around 110 million people across the country. MSMEs are also connected with the rural economy, as more than half of MSMEs operate in India's rural areas. According to survey estimates, the Covid-19 pandemic disrupted MSMEs profits by 20 -50 percent, with micro and small businesses bearing the brunt of the impact, owing to a liquidity crunch.
"The need for an effective use of Alternative Dispute Resolution mechanisms is now more than ever with the on-going pandemic situation. It is high time that people opt for Arbitration or Mediation mechanisms for quicker dispute resolution, especially with ODR in the scene," said Justice (Retd.) Kshitij R Vyas, Former Chief Justice of Bombay High Court and currently a panelist with Jupitice Justice Technology.
In order to build a better & healthy relationship across businesses for MSMEs, Jupitice is determined to enhance the liquidity of MSMEs by providing fast, cost-Effective & efficient dispute resolution through its Online Dispute Resolution (ODR) platform. It has also been working towards reducing the Litigation Rate and consequently reducing the burden on Judiciary/ Public Justice System.
About Jupitice Justice Technologies Private Limited: Born out of the core issues of 5 billion people not having access to justice, long delays and higher resolution costs, Jupitice was formed to leverage the domain expertise built over 12 years. Jupitice has designed and created the World's First "Private Digital Court" for Private Justice System to resolve disputes Online.
The founders found three major drawbacks in the Private Justice System, there is no global address like Traditional Court where one knows where to go to file one's dispute, secondly how to find ADR Practitioners such as Arbitrators, Conciliators, Mediators etc. and how to digitalize Private Justice System. This led to the creation of Jupitice - a Private Digital Court under the Private Justice System in other words Jupitice is a marketplace offering end-to-end services relating to ADR or Dispute Resolution in a flexible manner.
Digital Mirror of Traditional Court transformed digitally with Ultra-Advanced Digital Infrastructure & First Class Services and powered by complete digital justice Eco-system, "As A Service Than A Place" to provide Arbitration, Conciliation & Mediation Services etc. all online, from the comforts of your home or place anytime, anywhere from any device just like going to the Court but MINUS its pain points.
Jupitice has entered into a Memorandum of Understanding (MoU) with India's state-run telecom engineering and consulting company Telecommunications Consultants India Limited (TCIL) for a strategic partnership to promote a private justice delivery platform.
Launched in May 2021, Jupitice has taken up more than 7000 cases so far!