New Delhi-based legal technology startup LegalPay has launched an online dispute resolution (ODR) platform Bharat Dispute Resolution (BDR).
The startup is focusing on sectors including fintech, banks and even non-banking financial corporations (NBFCs) for resolving disputes through online mechanisms to recover their dues efficiently and manage their portfolio better.
“BDR is a digital platform that leverages artificial intelligence, data analytics, and legal expertise to resolve disputes and recover dues in a fast, cost-effective, and hassle-free manner,” said Kundan Shahi, Founder and CEO of LegalPay in a release. “The platform expects to manage 1,00,000 cases by the end of December this year.”
As per the data compiled by the National Judicial Data Grid (NJDG), over 4.44 crore cases are pending in various courts across the country, this includes about 1.10 crore civil cases.
The development comes at a time when recently, the capital markets regulator Securities & Exchange Board of India (Sebi) has also launched its own ODR platform Smart ODR. The regulator said in its exchange notice that it aims to combine online conciliation and online arbitration for the resolution of disputes in the securities market.
Founded in 2019, LegalPay has underwritten over 30,000 cases in sectors such as e-e-commerce, fintech, healthcare, logistics and manufacturing. The firm currently managing over Rs 2,600 crore claims under management.
Source: Economic Times
