IIAC proposes introduction of time frame for day-to-day hearings, calls for suggestions

The India International Arbitration Centre (IIAC) has proposed a set of regulations that introduce a time frame for day-to-day hearings for arbitration proceedings. .The IIAC has invited suggestions and opinions from all stakeholders before the International Arbitration Centre (Conduct of Arbitration Proceedings) Regulations, 2023 are finalized and implemented.The suggestions can be sent by email to Justice Hemant Gupta, Chairperson of IIAC, or to the registrar of IIAC at registrar@indiaiac.org by April 24, 2023..According to Justice Gupta, the draft regulations have been put together after taking into consideration the mandate of the Arbitration and Conciliation Act, 1996 as well as international best practices with respect to institutional arbitration..As per regulation 25 of the proposed regulations, the arbitral tribunal has the discretion to conduct the arbitration in a manner it deems appropriate to ensure a cost-effective, fair, and timely resolution of the dispute. After the appointment of all arbitrators, the tribunal must hold a preliminary meeting with the parties to discuss the procedures that will be most appropriate and efficient for the case, and establish a procedural timetable. The tribunal may modify the timetable or adopt further procedural measures as necessary after consultation with the parties. The filing of the statement of claim and statement of defence must be completed within six months from the arbitrator's appointment. The tribunal may proceed with the arbitration and impose sanctions, despite any party's non-compliance with the regulations or tribunal's orders or directions..[Read Draft Regulations]