LCIA India has launched its arbitration rules at a conference held on 17 April 2010 at the Taj Mahal Palace and Towers in Mumbai. The conference, which marked the first anniversary of the launch of LCIA India, saw participation from about 150 delegates, including senior arbitration practitioners and leading in-house counsel from the sub-continent and beyond.
The LCIA India Arbitration Rules are, to a large extent, based on the LCIA’s own arbitration rules, but with certain provisions reworked to reflect the interface with the Indian Arbitration Act 1996, and to address the recurring issues of delay and cost inherent in many ad hoc arbitrations. The rules include several new provisions aimed specifically at expediting proceedings, including an express requirement that all prospective arbitrators confirm their ability to devote sufficient time to ensure the expeditious conduct of the arbitration. Another new Article provides expressly that the tribunal may take into account the conduct and co-operation, or non-co-operation, of the parties during the arbitration when determining the allocation of costs.
LCIA India has also produced a set of Notes for Arbitrators which provide guidance to arbitrators conducting arbitrations under the LCIA India Rules, on issues relating to independence, impartiality, confidentiality and the management of time and costs.
The LCIA India Rules came into force with effect from 17 April 2010.