Mumbai based Trade Association of Information Technology has issued new guidelines for domestic arbitration in connection with disputes arising out of transaction between member dealers.
According to the new guidelines, if any dispute arises of the transaction the same shall have to be referred to TAIT for arbitration under its rules and regulations. The decision given thereon shall be binding upon all the parties and the Courts of Mumbai shall have sole Jurisdiction over the said arbitration proceedings.
TAIT said that all the arbitration matters would be resolved through the Arbitral Tribunal. The association has roped in services of Advocate Rakesh G Jain to provide necessary guidance in respect of all the arbitration proceedings.
According to the guidelines, any party wishing to commence Arbitration proceedings under the prescribed rules, will have to submit details of its dispute in the prescribed form available with the association on payment of the fees.
“The Plaintiff should agree to abide by the decision of Arbitral Tribunal and obtain and submit along with the dispute reference form, statement of the claim, bills, invoices, delivery challan, purchase orders and correspondences, copy of Arbitration Agreement along with consent of one of the Arbitrator from the Panel of Arbitrators, to be his Arbitrator for the said dispute,” the guidelines reads.
“The parties shall be required to send a legal notice invoking the arbitration agreement even where after if the payments are not received within seven days then claims by way of arbitration proceedings can be filed with the association. Reasonable hearing shall be given to both the parties where after appropriate orders shall be passed by the arbitrators in the form of AWARD” it states.
TAIT said that the Awards received by the parties can be executed through the High Court. “The properties of the defaulting parties namely their offices, ownership premises, stocks, furniture’s and even their bank accounts can be attached for the recovery of the due amount in case of non compliance of Award”, the association said.
Paras Shah, Rahul Zaveri, Girish Rathod, Pravin Dhoka, K R Chaube, Shailesh Chouhan, Chetan Timbadia, Devang Thakore, Pramod Dalmia, Biren Serkala, Rushabh Shah, Mukesh Mehta, Samir Mehta, Kamal Kamdar, Vinod Vanigota, Nikesh Sakaria, Parag Shah, Viren Bavishi and Anil Goenka has been named as the panellists. TAIT has appealed all the members to take benefit of the scheme.