| ABOUT ICA |
Costly, time-consuming business disputes can take a real bite out of your company’s bottom line. That is why more and more companies are turning to the Indian Council of Arbitration (ICA), the undisputed leader in dispute resolution services in India.
The ICA was established in 1965 as a specialized arbitral body at the national level under the initiatives of the Govt. of India and apex business organizations like FICCI etc. Based in New Delhi, the main objective of ICA is to promote amicable, quick and inexpensive settlement of commercial disputes by means of arbitration, conciliation, regardless of location. |
NEW ICA RULES OF DOMESTIC COMMERCIAL ARBITRATION (effective from 1st Jan, 2021)
| INTERNATIONAL COMMERCIAL ARBITRATION | MARITIME ARBITRATION (effective from 1st April, 2016) |
(A) New Registration rate of Fee for Domestic Commercial Arbitration:
- Non-Refundable Registration Fee of Rs.15,000/- plus applicable taxes for claims up to Rs. 2 Crore
- Non-Refundable Registration Fee of Rs.30,000/- plus applicable taxes for claims above Rs. 2 Crore
(B) New Registration Fee for International Commercial Arbitration:
- Non-Refundable Registration Fee of U S Dollars 1,650 plus applicable taxes (No Change)
(C) New Registration Fee for Maritime Arbitration
- Non-Refundable Registration Fee of Rs.15,000/- plus applicable taxes for claims up to Rs.1 Crore
- Non-Refundable Registration Fee of Rs.30,000/- plus applicable taxes for claims above Rs.1 Crore
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Disputes of various forms put on hold big construction projects. This disruption causes worse damage in terms of original cost and profit calculation. The “Dispute Board” mechanism is an effective answer to this problem as it continuously monitors, discusses and settles all upcoming agreements between the parties during the continuation of project. Although the concept and mechanism of DB has been in operation close to four decades across the world, in India, the concept of DB and its acceptance for no hold-up project is still in a very nascent stage – particularly, the institutional dispute board service has no precedent here.
To ensure a high standard of application of “Dispute Boards”, ICA, with the support of the World Bank, has established the Standard Operating Procedure (SOP) for Institutional Dispute Board Services in India. These Rules of Procedures have been drafted by experienced and high-ranking experts based on best practices from other countries.
For any further information, you may write to: The Deputy Director, Indian Council of Arbitration, Federation House, Tansen Marg, New Delhi.
Email: ica@ficci.com |
ICA NOTIFICATION ON
RECENT JUDICIAL PRONOUNCEMENT IN ARBITRATION
(WITH EFFECTIVE FROM OCTOBER 1, 2022)
The Hon’ble Supreme Court of India, in its recent judgement dated 30.08.2022 delivered by the bench consisting of Justice D Y Chandrachud, Justice Sanjiv Khanna & Justice Surya Kant in Arbitration Petition between ONGC Vs AFCONS GUNANUSA JV held that the Fourth Schedule of the Arbitration Act for arbitrator's fees, in which the maximum arbitrator fees have been capped at Rs 30 lacs per arbitrator.
In pursuance of the above finding, ICA has adopted the interpretation of the Hon'ble Supreme Court of India by the ceiling of ₹30 lakh for each arbitrator in the entry at Sl. No. 6 of Rule 31 (2) of the ICA Rules of Domestic commercial Arbitration, with effect from October 1, 2022.
Note: In the matters adjudicated by the Sole Arbitrator, the Ld. Tribunal will be entitled to an additional amount of 25% on the fee payable as per Rule 31(2) of ICA Rules of Domestic Arbitration. CLICK HERE to view the Rules. |
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