New Delhi : India’s first digital court, developed by Jupitice Justice Technologies, has now developed a custom MSME (micro, small and medium-sized business court) court to quickly resolve growing disputes in small and medium-sized businesses. After making headlines for being the first in the world to help resolve civil and commercial disputes through the mechanism of private justice; The digital MSME court developed by Jupitice is committed to helping SME owners resolve their business disputes through various ADR mechanisms, namely arbitration, conciliation, mediation, among others.
Seen as the accelerator of the socio-economic development of the country, the MSME sector has grown as it accounted for nearly 30% of India’s gross domestic product (GDP) in fiscal year 2019. Numerous development programs were announced in order to increase the sector’s contribution to GDP to 50%.
However, the sector continues to face multiple challenges, including a lack of working capital. Since MSMEs do not have sufficient security to offer the bank to raise capital or other alternative means of raising capital, they continue to work with their limited capital. However, in the event of a dispute, the entire capital is bound to be blocked. Therefore, it is imperative that MSMEs have expeditious justice given the long duration of litigation before the courts.
With the facts in mind, Jupitice announced the world’s first digital MSME court. The AI-powered platform will resolve civil, commercial, personal, consumer, and more disputes. within the framework of the private justice system.
“The Jupitice MPME Digital Court is a digital mirror of the traditional court with a state-of-the-art digital justice infrastructure powered by a comprehensive digital justice ecosystem. This means that an amicable settlement through an ADR mechanism is now possible, also online. SME owners or stakeholders will not have to worry about investing their time, energy, focus and money in resolving disputes through a tedious litigation process, ”said Mr. Raman Aggarwal, founder and CEO of Jupitice Justice technologies.
MSMEs in Maharashtra have filed 20,463 claims, of which 8,589 are pending, according to the MSME Samadhan dashboard, a system for monitoring deferred payments. With 6,345 out of 7,864 in total, Delhi has the second highest number of pending applications in the country. Pune has the fifth highest dependency rate in the country.
“As a small or medium-sized business, taking legal action is probably our worst nightmare. I mean, nobody wants a trial, do they? But getting into one means risking our business, the invested capital, basically the livelihood of people who depend on companies like us. If there is a way to resolve issues or disputes out of court and if possible digitally, that would be ideal for all parties, ”said an owner of MSME.
MSMEs also contribute significantly to job creation, employing around 110 million people across the country. MSMEs are also linked to the rural economy, as more than half of MSMEs operate in rural areas of India. According to survey estimates, the Covid-19 pandemic has disrupted MSME profits by 20-50%, with micro and small businesses bearing the brunt of the impact, due to a cash shortage.
“The need for effective use of alternative dispute resolution mechanisms is now more than ever with the ongoing pandemic situation. It is high time that people opt for arbitration or mediation mechanisms for faster dispute resolution, especially with ODR in the scene, ”said (retired) judge Kshitij R Vyas, former judge in head of the Bombay High Court and currently a panel member with Jupitice Justice Technology. .
In order to build a better and healthy business-to-business relationship for MSMEs, Jupitice is committed to improving MSME liquidity by providing fast, cost-effective and efficient dispute resolution through its online dispute resolution (ODR) platform. It has also sought to reduce the rate of litigation and therefore reduce the burden on the judiciary / public system.
About Jupitice Justice Technologies Private Limited: Born from the fundamental problems of 5 billion people without access to justice, long delays and higher resolution costs, Jupitice was created to take advantage of the expertise of the domain acquired over 12 years. Jupitice designed and created the world’s first “private digital court” for the private justice system to resolve online disputes.
The founders found three major drawbacks in the private justice system, there is no global address like the traditional court where you know where to go to file your dispute, on the other hand how to find ADR practitioners such as arbitrators, conciliators, mediators etc. and how to digitize Private justice system. This led to the creation of Jupitice – a private digital court as part of the private justice system, in other words Jupitice is a marketplace offering end-to-end services relating to ADR or dispute resolution. flexibly.
Digital mirror of the traditional court digitally transformed with ultra-advanced digital infrastructure and first-class services and powered by a comprehensive digital justice ecosystem, “as a service as a place” to provide arbitration, conciliation services and mediation, etc., all online, from the comfort of your home or place anytime, anywhere, from any device, like going to court, but LESS its pain points.
Jupitice has entered into a Memorandum of Understanding with Indian telecommunications engineering and consulting firm Telecommunications Consultants India Limited (TCIL) for a strategic partnership to promote a private justice platform.
Launched in May 2021, Jupitice has supported over 7,000 cases to date!