International Arbitration and Mediation Centre in Hyderabad would soon be comparable with reputed institutions abroad: CJI
Observing that Indian parties entering into international arbitration agreement often opt for an arbitration centre outside India incurring huge expenses, Chief Justice of India (CJI) N V Ramana on Saturday said the establishment of an International Arbitration and Mediation Centre (IAMC) here would change the trend in the country.
''Despite the presence of some arbitration centers in India, Indian parties that enter into the commercial arbitration agreements often opt for an arbitration center outside India incurring huge expenses,'' he said. ''The setting up of an International Arbitration and Mediation Centre in Hyderabad will change this trend in India,'' he pointed out.
The IAMC to come up here is being established with the best infrastructure and the empaneling of internationally acclaimed arbitrators and mediators.
Best practices from across the world are being taken into consideration to ensure efficient functioning of the centre and for drafting the rules, he said.
''With a global perspective and an emphasis on quality, I can assure you that it would soon be comparable to Arbitral Institutions like Singapore International Centre and London International Centre,'' Justice Ramana noted.
Telangana Chief Minister K Chandrasekhar Rao, who was present on the occasion, explained at length about the benefits of having the Centre in Hyderabad and the steps being taken by his government to make it a robust hub for international arbitration and mediation.
On the reasons for setting up the Centre in Hyderabad, the CJI said the city is home to several pharma, biotech, aerospace, IT and other companies. Highlighting the city's various aspects, he said it is one of the fastest growing cities in the country, has year-round connectivity with all major cities of the world, world-class international airport, world class hotels, pleasant weather and warm people.
The CJI further said though he felt the need to contribute in a small way to initiate and establish an Arbitration Centre, Supreme Court judge Justice L Nageswara Rao suggested that instead of a small arbitration centre, a full scale international institutional arbitration and mediation centre would help the cause of arbitration in India, a lot.
''Even though I am the CJI and I belong to the country, taking into consideration several factors, I wanted to contribute in a small way to initiate and establish an Arbitration Centre. I am happy that after my initial suggestion and thoughts, my brother Justice Nageswara Rao suggested that instead of a small arbitration centre, a full scale international institutional arbitration and mediation centre would help the arbitration and mediation landscape in India a lot,'' Justice Ramana said.
When the CJI expressed his thoughts for the first time in Hyderabad in June this year, the CM responded in a positive manner and provided all necessary support.
The arbitration centre would be inaugurated on December 18.
The Registration of Trust Deeds of the International Arbitration and Mediation Centre here was done in August this year.
In his address, the Chief Minister said the state government has been able to allocate 25,000 square ft area in a temporary building to start the Centre without any delay. The state government has decided to provide a suitable land parcel at Puppalaguda, close to the Financial District in the city, for a permanent building for the Centre.
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