Mediation: The Role Enhancer for CMAs

Abstract

As mediation is increasingly becoming important both in the context of cases piling up in the Courts and in the context of amicable resolution of disputes becoming rare , the Parliament recently passed the Mediation Act, 2023. This article provides an overview of the legal framework for alternative dispute resolution (ADR) in India, an overview of the various ADR mechanisms with focus on mediation, the important features of the Mediation Act, 2023 and the opportunities for Cost Accountants. Commercial disputes are best resolved through mediation as they require technical expertise and professional approach. As Cost Accountants are best equipped to analyse commercial disputes threadbare, mediation may be looked at as an avenue of professional growth and as a way to help businesses and consumers by freeing up the time and money that would otherwise be locked in disputes.