NEW DELHI: In a move to bolster its maritime arbitration services, India will launch the India International Maritime Arbitration Centre (IMAC) in the financial capital Mumbai.
As per highly placed sources, the arbitration centre will provide a range of dispute resolution services, including mediation, arbitration, and hybrid mechanisms. 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 finalise 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 specialised panels for resolving disputes, promoting customised 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.