Robust infra brought IAMC to Hyderabad
Hyderabad: Putting Hyderabad on the global commercial hub map and bringing it on a par with cities like Paris, Singapore, London, New York and Stockholm is the International Arbitration and Mediation Centre (IAMC). This new centre will not only solve domestic arbitration issues and lessen expenses involved but is also putting the capital city of […]
Hyderabad: Putting Hyderabad on the global commercial hub map and bringing it on a par with cities like Paris, Singapore, London, New York and Stockholm is the International Arbitration and Mediation Centre (IAMC). This new centre will not only solve domestic arbitration issues and lessen expenses involved but is also putting the capital city of Telangana on the global map.
The courts in the country are burdened with a lot of cases which in turn is causing them to take a lot more time than required to close a case. This is impacting businesses involved in the litigation process. In order to provide support to such cases, the Supreme Court led by Chief Justice of India NV Ramana decided to set up the IAMC.
“While one can argue that the IAMC could have come anywhere, there are multiple reasons why Hyderabad was chosen to be the city for the centre. From having companies that are globally connected to a vibrant business environment and a robust civic infrastructure to the State government’s willingness and support were the top reasons that the CJI thought of Hyderabad to be the right choice,” said IT Principal Secretary Jayesh Ranjan.
The city is home to many global companies ranging from sectors like pharmaceutical to biotech to aerospace to real estate and IT among others. Hyderabad also has well-connected roads, an international airport, world class hotels, pleasant weather and is the fastest-growing city in the country.
“As soon as the CJI mentioned in June that he plans to set up the IAMC in Hyderabad, Chief Minister K Chandrashekhar Rao did not hesitate and immediately said yes. The CM also ensured that all the necessary support would be provided in setting up the IAMC,” Ranjan said.
The centre will start functioning from a 25,000 sq ft temporary accommodation at Madhapur while a permanent building is being constructed at Puppalaguda for which land has been allotted. Internationally acclaimed arbitrators and mediators from countries like Singapore and UK would be empanelled and the centre will serve not only Indian people, but also those from other Asian countries.
“With a global perspective and an emphasis on quality, I can assure you that the IAMC in Hyderabad would soon be comparable to arbitral institutions like Singapore International Centre and London International Centre,” CJI Ramana had said earlier.
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