IIAC introduced new regulations aimed at enhancing faster arbitration for MSEs

On 7th June 2024, the India International Arbitration Centre (IIAC) unveiled the Conduct of Micro and Small Enterprises Arbitration Regulations, 2024.

This significant development is part of IIAC's ongoing efforts to enhance and streamline the arbitration process for micro and small enterprises (MSEs) in India.

The newly established regulations are designed to provide a specialised framework that caters specifically to the needs and challenges faced by MSEs in the arbitration process.

The Conduct of Micro and Small Enterprises Arbitration Regulations, 2024, by the IIAC marks a progressive step towards making arbitration more accessible and beneficial for micro and small enterprises in India.

These regulations are set to not only simplify the arbitration process but also provide cost-effective and expert-led resolutions, fostering a more supportive legal environment for MSEs.

Key Features and Benefits

Simplified Procedures: The regulations introduce simplified arbitration procedures that are tailored to the scale and nature of disputes typically involving MSEs. This includes streamlined documentation requirements and expedited timelines to ensure swift resolution.

Cost-Effectiveness: One of the primary concerns for MSEs engaging in arbitration is the cost. The new regulations address this by implementing cost-effective measures, making arbitration a more financially viable option for small enterprises.

Expert Arbitrators: The IIAC has curated a panel of arbitrators with expertise in handling disputes involving micro and small enterprises. This ensures that the arbitrators have a thorough understanding of the specific issues and industry practices relevant to MSEs, leading to more informed and fair resolutions.

Accessibility and Support: To further support MSEs, the IIAC provides resources and guidance throughout the arbitration process. This includes assistance in understanding the procedural aspects and ensuring that MSEs are adequately represented and supported.