Hyderabad: The proposed International Arbitration and Mediation Centre’s establishment in the city will go a long way in settling disputes for not only foreign investors but also Indians, Chief Justice of India NV Ramana said here on Friday.
Ramana was speaking at a function organized at Telangana high court chief justice Hima Kohli’s residence. He added that dispute resolution will cost less for investors in India in comparison to other countries and the process would also become less cumbersome. A trust deed for the Centre was also registered at the function.
“It is a burden; you know, once you come to the court… how many years it takes and of course, hierarchy starting from civil courts to Supreme Court. How many years it takes… we have eminent arbitrators in this country, some of the international arbitrators, who are world famous, also willing to participate in this arbitration centre,” Chief Justice Ramana said.
He noted that in the Indian culture, all our disputes are sorted through mediation, negotiation and conciliation.
About the Centre, he said: “It is having an efficient administration of resolving the dispute by technically expert people, so not to create any future complication. There are clear rules and quality of arbitrators are of international excellence… this will be supervised by very senior and eminent people.”
The CJI expressed his gratitude 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.
Ramana also requested 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.
The function also witnessed speeches from Supreme Court justices R Subhash Reddy, L Nageswara Rao and Telangana industries minister KT Rama Rao.