India’s first International Arbitration and Mediation Centre, inaugurated jointly by Chief Justice of India N V Ramana and Telangana chief minister K Chandrasekhar Rao on Saturday in Hyderabad, hit the jackpot on day one itself.
KCR told the gathering that the Telangana government would incorporate a clause in all big project tenders and contracts stating that all disputes, if they arise during the course of implementation, would have to be adjudicated at the IAMC. The ongoing property dispute between former IPL chairman Lalit Modi and his mother, Bina Modi, has already been referred to IAMC.
Justice Ramana said, “Arbitration and mediation have a long history in India. Recently, they have acquired prominence across the world as methods of dispute resolution. ADR (alternative dispute resolution) methods are beneficial due to various reasons — low cost, speed, more control over timelines and process, autonomy of parties, comfortable environment, and non-adversarial nature”.