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Mahratta Chamber to launch arbitration cell in Pune
Our Bureau
Pune May 9
The Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) has decided to launch an arbitration cell in Pune.
Talking to presspersons, Mr A.N. Navare, Chairman, Corporate Legislation, said the need to set up the arbitration cell was felt considering the volume and value of business transactions taking place in and around Pune and also the fact that Pune was emerging as an international hub.
He said it considered arbitration as a suitable alternative to legal recourse for settlement of disputes. The maximum time frame that would be required for settling the disputes would be one year while the minimum would be about seven sittings, he said.
Arbitrators panel
He said the MCCIA has also set up a panel of arbitrators which included retired judges, chairman of the banks, advocates, senior executives from administration, banking, commercial etc.
The arbitration cell would mainly look at the commercial disputes and would not look at matrimonial, property, guardianship, criminal matters, charitable trust or winding up of companies.
He said the arbitration award is final except as provided in Section 34 of the Arbitration and Conciliation Act, 1996 for appeal to Civil Court.
Mr Navare said the prime objective of the Chamber is to provide this service to the disputing parties primarily in Pune region and to those who wish to avail from out of Pune region and thereby save on time, money and anxiety.
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