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Mediation
Why Mediation?
Mediation over litigation offers several advantages, making it an appealing option for businesses and companies in the Banking and NBFC industries. Mediation is more cost-effective than litigation. Legal proceedings can become expensive with court fees, attorney fees and other expenses that prevail over a long time, as litigation cases take time to complete. Mediation involves a single mediator fee shared costs. It is also a viable mode of dispute resolution as it allows parties to work at their own pace and achieve resolution faster than in litigation. It is a confidential process, and parties have more control over the outcome and terms of the agreement, preserving the parties’ reputation.
There are two types of mediation.
Court-Referred Mediation
It applies to cases pending in court, referred under Section 89 of the Code of Civil Procedure, 1908.
Private Mediation
It is used during the pre-litigation stage.
Brief Process
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Agree on Procedural issues:Parties can decide the procedure for the mediation process. If both parties do not agree, the mediator can follow the standard procedure.
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Issue SubmissionParties are required to submit a brief memorandum to the mediator ten days before the mediation session. The memorandum outlines the issues, their position under the law, and necessary information.
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The SessionThe Mediation Session happens according to a scheduled date. The mediator meets the parties on this date and explains the mediation process. This is done to establish neutrality and confidentiality and initiate open discussions for settlement. Parties may have their Counsels present.
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Joint or Separate MeetingsJoint or Separate Meetings can be held by the mediator at the parties’ discretion. They express grievances, demands, and expectations, and the mediator assists them in exploring options for dispute settlement.
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Settlement AgreementIt is an agreement documented post-settlement of all or a few issues and signed by the parties or their legal representatives. The settlement agreement is sent to the referral court.
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Court ApprovalThe court schedules a hearing within seven to fourteen days. If the court is satisfied with the settlement, it issues a decree based on the agreement.
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No SettlementIf no settlement is reached, the case returns to the referral court for litigation.