Chief Justice proposes newly inaugurated venue for arbitration
Chief Justice proposes newly inaugurated venue for arbitration
International Arbitration and Mediation Centre at Hyderabad is spread across 16,000 sq ft
The recently inaugurated International Arbitration and Mediation Centre (IAMC) at Hyderabad might be the venue of arbitration in the property between former Indian Premier League (IPL) chairman Lalit Modi and his mother Bina Modi.
This happened after Chief Justice to India (CJI) NV Ramana proposed that the arbitration between the two parties be held at IAMC instead of Singapore. To this, senior advocate Harish Salve (appearing for Lalit Modi), said they were ready.
However, senior counsel Kapil Sibal (appearing for Bina Modi), said that she was keen on mediation and the matter should ideally go to a mediator first.
He then sought an adjournment, which was allowed.
The court was hearing an appeal against a division bench order of the Delhi High Court, which had held that the suit by family members of Lalit Modi against the initiation of arbitration proceedings in Singapore by him (in connection with their family property), was maintainable.
The arbitration arose out of a family trust deed executed in London by K K Modi as settlor/managing trustee and Bina, Lalit, Charu and Samir as trustees.
International Arbitration and Mediation Centre (IAMC)
Situated in the financial district of Hyderabad, IAMC is spread across a 16,000 sq. ft. area. It includes four arbitration hearing rooms, two mediation rooms, breakout and conference rooms, arbitrators retiring rooms and a cafeteria. The Centre is also equipped to handle online arbitrations and mediations via high-quality video conferencing facilities.
Speaking at the curtain-raiser event of the arbitration centre recently, Justice Ramana had explained that even as there were arbitration centres in India, Indian parties that entered into international arbitration often opted for
Hoping that the new set-up would change the trend, the CJI added, "This Centre 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 the drafting of the rules.
"With a global perspective and an emphasis on quality, I can assure you that it would soon be comparable to arbitral institutions like the Singapore International Arbitration Centre."
He expressed certainty that IAMC would be a boon for the arbitration and mediation landscape in the country.
The Centre aims to achieve the goal of ease of doing business by ensuring effective and speedy dispute-redressal mechanisms. It is equipped to provide cutting-edge, technologically advanced services.
Its operations would be managed by a secretariat and guided by an autonomous governing council comprising experts in the field of arbitration and mediation from India and abroad. The Board of Trustees includes senior judges, legal luminaries, a senior minister from the Telangana government and an industry veteran.
Former Supreme Court judge, Justice R V Raveendran is part of the Board of Trustees, which also comprises sitting Supreme Court judges, Justice L Nageswara Rao and Justice Hima Kohli and the Chief Justice of the Telangana High Court, Justice Satish Chandra Sharma.
