India will launch the India International Maritime
Arbitration Centre (IMAC) in the financial capital Mumbai, in a move to give a
boost to its Maritime arbitration services.
The arbitration centre will provide a range of dispute resolution services, including mediation, arbitration, and hybrid mechanisms
according to media reports. The centre will be established under the
stewardship of the Indian Maritime University’s Mumbai Port Campus and will be
funded by the Indian Ports Association (IPA) and Cochin Shipyard Limited (CSL).
The IMAC Secretariat, slated to be built as a world-class facility, will
house all the amenities, including a fully equipped conference area and meeting
rooms. The government has to
finalize the appropriate name, establish administrative mandates, and develop
by-laws and internal procedures,” a person in the know of the development told
this paper. He said the centre would be operational in an year’s time.
This international body will be akin to the London
Maritime Arbitrators Association (LMAA) and the Tokyo Maritime Arbitration
Commission (TOMAC). This body will also be free from compulsory appointment by
the government or public sector undertakings (PSUs) to provide impartial
oversight and governance for fair and equitable dispute resolution processes
within the maritime sector, as per sources.
The proposal suggests including specific panels like
SAROD-Ports under institutions like the Indian Institute of Management,
Ahmedabad (IIMA). This aims to help parties use these specialized panels for
resolving disputes, promoting customized and industry-specific arbitration
solutions. Another important part of the
proposal is creating a panel of experienced professionals with a background in
commercial or technical shipping. They would work as Maritime Arbitrators.