Mediation

Chartered accountants' apex body ICAI will be setting up a Section 8 company for mediation and arbitration activities, its President Ranjeet Kumar Agarwal said on Friday. Section 8 companies are set for not-for-profit activities and the Institute of Chartered Accountants of India (ICAI) has so far set up five such companies. At the inaugural session of 'RESOLVE-2024: An International Convention on Insolvency Resolution & Valuation' in the national capital, he said the institute is in the process of setting up a Section 8 company, under the directives of Law Ministry, especially for mediation and arbitration. According to him, the Insolvency and Bankruptcy Board of India (IBBI) has asked the institute to help in developing valuation standards for the asset class 'Land & Building' and 'Plant & Machinery' on the lines of the valuation standards prepared by it for the asset class 'Securities or Financial Assets'. The Insolvency & Valuation Standards Board of ICAI along ...

The proposed Mediation Council of India, established under the Mediation Act enacted last year, will mandate that mediation proceedings be completed within 180 days

The Union Cabinet on Wednesday approved amendments to the Mediation Bill including reducing the maximum timeline for completing mediation proceedings from 360 to 180 days. The official amendments to the law ministry bill are likely to be tabled in the Monsoon session of Parliament beginning Thursday. The Mediation Bill, 2021 was introduced in Rajya Sabha in December 2021. Later it was referred to the parliamentary committee on law and personnel which gave its report. The official amendments cleared by the cabinet are based largely on the recommendations made by the parliamentary panel, sources said. Under the other key recommendation of the panel accepted by the government, pre-litigation mediation has been made voluntary instead of mandatory. According to the bill pending in the upper house, compulsory pre-litigation mediation in matters of civil or commercial disputes has been provided for before parties approach a court or tribunals. In case of exceptional circumstances, a pa

The aim is to encourage a mediation mindset that helps individuals and firms shift from an adversarial win-lose method of approaching business and human interaction, to a win-win way for all

A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.

The top court on July 27 had ordered status quo in the matter and asked the parties involved to explore the possibility of mediation

In 2017, a Bench headed by then Chief Justice of India Jagdish Singh Khehar had mooted the idea of an out-of-court settlement among the rival parties

Mediator would help in facilitating discussion and eventual resolution of the dispute within three months