IDAC will catalyse arbitration mechanism in Gujarat: Nirmala Sitharaman

VADODARA: The setting up of International and Domestic Arbitration Centre ( IDAC) India in the city will catalyse the arbitration mechanism in the entire state, Commerce Minister Nirmala Sitharaman said today.

"The arbitration centre will play an important role and give an opportunity to businesses for an institutional arbitration."

"I am sure the centre will encourage stable and efficient dispute resolution ensuring speedy and cost effective resolution of commercial disputes," Sitharaman said in a written message sent to the five promoters of IDAC India.

The five promoters of the centre are eminent Supreme Court lawyer Rabishankar Sathiyamoorthy, Chartered Accountant Manish Baxi, Vadodara city mayor and one of the directors of Bank of Baroda Bharat Dangar, jeweller Prakash Chokshi and one Bharat Shah.

Sitharaman said delays in the judicial system have been long highlighted and the government has already passed a law to deal with pendency of commercial cases for speedy settlement of business disputes.

On the occasion, BJP MP Ranjanben Bhatt said the centre will help in the reduction in the burden of the court.

Baxi said with this centre the companies including those located in and around Vadodara and in the western part of the country, including the state, won't have to go to Singapore or to the UK to settle their disputes now.