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CUTS-SGT University ODR Policy Summit Explores Solutions For MSME Delayed Payments

Updated: Apr 10, 2024 05:17:01pm

CUTS-SGT University ODR Policy Summit Explores Solutions For MSME Delayed Payments

Gurugram, Apr 10 (KNN) The Online Dispute Resolution (ODR) Policy Summit addressed leveraging ODR for delayed payments to Micro, Small, and Medium Enterprises (MSMEs) and online resolution of cross-border commercial disputes.

Themed “Building Trust in Commerce through ODR”, the summit aimed to drive policy measures and adoption of ODR as a cost-effective and accessible alternative of dispute resolution, as MSMEs often lack the resources and time to engage in lengthy legal proceedings.

“The adoption of ODR will be a gradual process with evolving phases. Crucially, raising awareness among MSMEs will play a pivotal role in its successful implementation,” stated Justice Hemant Gupta, Chairperson of the New Delhi International Arbitration Centre.

Dr. Navneet Sharma, Director General of CUTS Institute for Regulation and Competition (CIRC), emphasised the significance of the summit, stating, “Disputes inflict substantial costs in terms of time, money, and effort on affected parties. For MSMEs and startups, the consequences of disputes can be particularly detrimental. Therefore, effective dispute resolution holds the key to successful enterprise and a thriving economy.”

Online Dispute Resolution (ODR) emerges as a promising solution, offering the potential to revolutionise dispute resolution akin to the impact of the Unified Payments Interface (UPI) on digital payments. The summit aimed to examine the challenges and explore solutions to make ODR a reality.

The inaugural session featured esteemed speakers, including Justice Adarsh Kumar Goyal, Former Judge of the Supreme Court of India, Prof (Dr.) S. Sivakumar, Senior Professor at the Indian Law Institute and Former member of the Law Commission of India, Mr. Naveen Kumar Jaggi, Senior Advocate, Mr. Tejas Karia, Partner & Head of Arbitration at Shardul Amarchand Mangaldas, New Delhi, Kritika Sethi, Co-Founder, WeVaad, and Dr. Richa Chaudhary, Dean of the Faculty of Law at SGT University, Gurugram.

Other eminent speaker included Sangeeta Mehrotra, Mediator & Advocate at the Supreme Court of India and Aditya Mishra, Advocate at the Supreme Court of India.

The summit was a collaborative effort by CUTS Institute for Regulation and Competition (CIRC), SGT University, FISME as the knowledge partner, and WeVaad – an ODR platform.

(KNN Bureau)


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