Mediation best way to resolve disputes: KCR
International Arbitration Centre to be set up in Hyderabad
Chief Minister K. Chandrashekar Rao said mediation was part of the country’s dispute resolving system in different forms since ancient times like panchayats where village heads had been playing a vital role in resolving disputes. He said industries were facing conflicts for various reasons and they could be resolved through arbitration.
Addressing the curtain raiser and stakeholders’ conclave of the International Arbitration and Mediation Centre (IAMC) here on Saturday, the Chief Minister said, “The new trend of alternative dispute resolution system is stemmed from the traditional resolution of disputes at Rachabanda in olden days. Now, arbitration is recognised as one of the best modes of alternative dispute resolution.”
He opined that Hyderabad was a suitable place for setting up arbitration centre in all aspects as the city was fast becoming an internationally emerging city. He thanked the Chief Justice of India N.V. Ramana for his support in the establishment of the IAMC in Hyderabad. He said 25,000 sq ft. of land had been allocated for temporary accommodation of the IAMC and land would be allotted soon in Puppalaguda for construction of a permanent building.
“Practical experience of many decades show that due to a variety of structural reasons, including insufficient number of courts and judges, the litigation gets prolonged and adversely affects the functioning and balance sheets of the affected companies. The alternate dispute resolution mechanism will be of tremendous value to industries and businesses in India. Due to the absence of such a facility hitherto in our country, I am aware that many companies had to face enormous challenges in getting their disputes resolved in courts and centres located in foreign cities like Singapore, Paris, Dubai and London,” Rao noted.
Law minister A. Indrakaran Reddy, IT and industries minister K.T. Rama Rao and Telangana High Court Chief Justice Satish Chandra Sharma, along with judges of Supreme Court of India as well as High Courts of Telangana and Andhra Pradesh, legal luminaries and others participated in the conclave.