Singapore to handle arbitration cases at GIFT-IFSC
Centre to provide independent dispute solution.
The Singapore International Arbitration Centre (SIAC) has opened second representative office in India in the International Financial Services Centre in Gujarat International Finance Tec-City (GIFT IFSC), Gujarat.
The first representative office was opened in Mumbai in 2013.
The second office is under the Memorandum of Agreement between SIAC, the Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Limited (GIFT SEZ) signed last year.
SIAC chief executive Lim Seok Hui said “SIAC greatly values its Indian users who have contributed significantly to the success of SIAC as one of the world’s premier arbitral institutions.
“Opening a second SIAC office in India in GIFT IFSC will allow SIAC to participate in GIFT’s economic development through the provision of a world-class dispute resolution mechanism to businesses and investors within GIFT IFSC, and will deepen SIAC’s existing ties with the legal and business communities in India.”
Indian businesses use Singapore as one of the main arbitration centres for its contractual issues.
Welcoming SIAC, Ajay Pandey, Group CEO of GIFTCL, said, “We believe SIAC will provide a neutral and independent dispute resolution platform to parties, thereby enabling them to undertake large international financial transactions from GIFT IFSC.”
GIFT companies will also start adopting SIAC’s model clause as their preferred dispute resolution clause for international contracts exceeding a certain value.
“With increasing participation by international and domestic parties in GIFT IFSC, an international dispute resolution mechanism will be useful in making GIFT IFSC a global financial hub along the lines of London, Dubai, Hong Kong, Singapore and New York,” said Pandey. fii-news.com