IIAC regulations for conduct of arbitration involving Micro and Small Enterprises notified

The India International Arbitration Centre (IIAC) has released the IIAC (Conduct of Micro and Small Enterprises Arbitration) Regulations, 2024, effective from June 7. These regulations aim to expedite dispute resolution for Micro and Small Enterprises (MSEs) by providing a neutral arbitration platform. \r

Key features include no filing fees for claims, minimal arbitrator and administration fees, and a fast-track procedure. The appointment of arbitrators will ensure independence and competency, and MSEs facing financial difficulties can receive legal aid, including fee waivers and counsel assistance.\r

Additionally, the IIAC plans to utilize Artificial Intelligence Software to enhance the arbitration process nationwide, offering real-time translation services for documents and languages, further promoting accessibility and transparency.