Mediation Act to reduce cost of litigation for
MSMEs: Law Minister Meghwal
New Delhi. The Mediation Bill
passed by Lok Sabha and Rajya Sabha during the monsoon session of the
Parliament proposed several measures to reduce time and cost of litigation for
MSMEs.
“Government is seized
of the concerns of MSMEs about lengthy and costly litigation and we shall push
for resolution of disputes through Mediation centers all over India to reduce
cost”, declared Minister of Law and Justice Arjun Ram Meghwal.
Speaking at seminar on
‘Reducing Cost of Litigation for MSMEs’ in New Delhi, the Law Minister said,
“Now that Mediation Bill is cleared and would be sent to President’s assent,
the focus will shift to making Rules and Government will incorporate the
suggestions emerged during Seminar”.
The Seminar was
organized by Federation of Indian Micro and Small & Medium Enterprises
(FISME) and ‘Friends of MSMEs in Parliament’- a forum of Members of Parliament
created to support MSMEs.
Convenor of the Forum
Rajendra Agarwal, Member of Parliament assured
MSMEs that they would be made part of official consultation process in
making of Rules for Mediation Act to incorporate their concerns including that
of delayed payments.
President of FISME Prashant Patel highlighted
the huge cost of litigation on Indian economy and GDP and gave a call to action : Accelerate Justice, Empowe
MSMES, Unleash India’s Economic Potential.
According to the
feedback gathered by FISME from MSMEs, the major areas of concern are:
difficulties in appointment of Arbitrators, interventions by Higher Courts post
Award extending the process inordinately
and finally difficulties in execution of Awards.
The well attended
seminar was addressed by Justice R.S. Sodhi (Retd), T.K. Arun former Editor
Economic Times and Senior Counsels and experts namely J.P. Sengh; Sumant Batra, Dr. Swati Jindal Garg (WeVaad), Tarun Nangia, Isha Aggarwal, WeVaad and Neeraj Kedia-
Chairman Banking & Finance Committee, FISME.
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