20% growth in cases administered in 2022: Mumbai Centre for International Arbitration Annual Report

The year 2022 saw a 20% growth in the total number of cases catered to by the Mumbai Centre of International Arbitration (MCIA), states an annual report released by the forum recently. .Other highlights of the MCIA Annual Report, 2022 include:The MCIA received an average of 2 new case filings every month in 2022. 20 new matters were filed in 2021 and 60 cases have been administered since the inception of the MCIA. 75% of the MCIA-administered matters arose from contracts containing an ‘organic’ MCIA Arbitration clause. The MCIA has received matters from varied jurisdictions across the world, including Abu Dhabi, Cyprus, Germany, Singapore, the United Kingdom, and the United State of America, apart from various States within India. On average, arbitrators are appointed within 7 days, as also stipulated under the MCIA rules. The number of Arbitral Awards passed under MCIA Rules which were challenged in court comprised 3%. All such challenges were ultimately dismissed by the court, the report adds. The MCIA is currently administering one of India’s largest commercial disputes valued at over USD 1 billion. 1 in every 3 arbitrators appointed by the MCIA is a woman. Women arbitrators appointed comprise 38%, as per the report. The MCIA received an emergency arbitration reference for the second time in 2022. An arbitral order was passed in less than 14 days from the date of application, as also called for under the MCIA Rules. The Supreme Court of India referred 5 ad hoc arbitrations to be administered by the MCIA under the MCIA Rules. The second annual India ADR Week 2022 was held between 10-14 October 2022. The event saw the confluence of leaders from across the world in arbitration, mediation and ODR. To further strengthen its base and reach, the MCIA has launched the MCIA Users Council, with the appointment of 31 members across 8 sectors. The aims of the Council include the provision of feedback on MCIA Rules and international arbitration processes from users. The Young MCIA Steering Committee has tied up with the IDIA (Increasing Diversity by Increasing Access) to launch a mentorship program for IDIA scholars. Five mentees have been selected as part of the program, the report adds. .The MCIA was established with the intent to be India's premier forum for commercial dispute resolution by employing arbitral rules based on international best practices while also keeping in view the needs of the Indian market. Last year, the forum celebrated its five-year anniversary. .[Read MCIA Annual Report]