HYDERABAD: Underscoring the importance of arbitration, mediation and conciliation in the resolution of disputes, Chief Justice of India NV Ramana on Friday said that the proposed International Arbitration and Mediation Centre in Hyderabad would go a long way in helping not only the investors from abroad but also those from India in settling their disputes in the shortest possible time.
He was speaking at a programme organised at the residence of Chief Justice of Telangana High Court Justice Hima Kohli where a trust deed was registered for the International Arbitration and Mediation Centre. The CJI said unlike in other International Arbitration Centres spread across the world, dispute resolution would cost less in India.
“Mediation helps in the resolution of several disputes. Even at home, we see how mediation solves issues,” he said. He was thankful to Telangana Chief Minister K Chandrasekhar Rao for his promise to provide infrastructure, financial support and above all, his willingness to propagate the concept of arbitration, mediation and conciliation among the investors.
He said that the proposed centre would be of immense help to even the domestic investors too since most of the investors seek to first avoid litigation, and if it becomes inevitable, they want the disputes to be settled early. The proposed centre would help them in cutting down cumbersome procedure that now exists in India. “We have eminent arbitrators and they are willing to participate,” he said.
Justice Ramana said that he was happy that his dream for such a centre in Hyderabad came to fruition within three months of assuming the office of the Chief Justice of India. He was thankful to the Telangana government for its cooperation in making this happen.
He, however, made a request to the Chief Minister to allot land near the financial district in Hyderabad for setting up the centre after taking back 10 acres of land allotted near NALSAR in 2003 when N Chandrababu Naidu was the Chief Minister of the combined State of Andhra Pradesh. Those who spoke at the function included Supreme Court justices R Subhash Reddy, L Nageswara Rao and Industries Minister K T Rama Rao.
‘Dispute resolution would cost less in India’
CJI Ramana said unlike in other International Arbitration Centres spread across the world, dispute resolution would cost less in India. “Mediation helps in the resolution of several disputes. Even at home, we see how mediation solves issues,” he said. The CJI thanked CM KCR for his promise to provide infrastructure, financial support