CMAI Launches its Arbitration Cell

The unsolicited misfits in business see no solution for the parties. In order to settle the dispute and maintain a good flow among the parties for further business practices, CMAI, launched its Arbitration Cell on November 23, 2021 at Yogi Sabhagruh, Opp. Dadar Station, Dadar (East), Mumbai – 400 014 to explain the Arbitration process, Rules and its Benefits to the Members and the Trade in general.

Mr. Pravin Gala of M/s. Pragati Fashions Pvt Ltd, who was the Moderator for the event, welcomed the audience at 4:00 pm and started the proceedings with the National Anthem.

Thereafter, Mr. Rajesh Masand, President, Welcomed the Members and Representatives from various Associations, Media and Guests.

Mr. Rajesh Masand, President in his Introductory remark stated that whilst CMAI has been providing Conciliation and Mediation support to its Members for several years now, the institution of an Arbitration Award will give a far greater Legal strength to the recipient.

The Domestic Garment industry in India has been traditionally plagued by extended credit terms, often accompanied by unfair and arbitrary return of goods, deductions whilst making payments, and arm-twisting of micro and small Manufacturers.

CMAI’s Research on the Indian Domestic Market estimates the total Market size to be close to 6.5 lakh crore. Even if one were to estimate a miniscule percentage of 1% as the amount under disputed or delayed or denied payments, the amount would come to a staggering 6,500 crore. This clearly underlines the need for a quick, efficient, and economical mechanism for resolving such disputes and complaints.

Unfortunately, existing Legal Systems make access to a legal recourse expensive, time consuming, and very often entirely ineffective. This is precisely why the world over, Arbitration is being resorted to, to settle commercial disputes in an inexpensive and timely manner, at the same time providing the appropriate objectivity, professionalism, and domain knowledge in the settlement process.