Hyderabad: International Arbitration Center in Hyderabad will be an answer and guarantee for international investors who have concerns about the expensive and time-consuming Indian litigation process.
This was stated by the Chairman of India Judge NV Ramana on Friday while overcoming employers, industrialists and legal authorities after completing the registration process of trust certificates relating to the emergence of India’s first international arbitration center he added that this was the first step for the emergence.
From the alternative dispute settlement facilities and expect it into reality in the next few months.
Justice Lavu Nageswara Rao from the Supreme Court and Justice RV Raveendran, a former Supreme Court judge, was made as a lifelong supervisor of the Arbitration Center.
Justice R Subhash Reddy, also from the Supreme Court and State Minister KT Rama Rao and Indra Karan Reddy, also attended the event was held at the official residence of Justimmer Hima Kohli, Chair of the Telangana High Court.
The chairman of the Judge Ramana said the emergence of international facilities in Hyderabad was his dream.
He thanks Minister K Chandrasekhar Rao for the speed he agreed to accommodate the facilities at that time discussed in June.
Describing a great opportunity, chairman of the Ramana judge said the export of goods and services of Hyderabad worth $ 22 billion in 2019-20 and gross domestic product worth $ 120 billion in addition to 12% annual growth will make Hyderabad the right place for international arbitration and mediation.
He also said that only because it was an international center which did not mean that domestic arbitration disputes could not be handled.
He asked all parts of people and professionals to take advantage of this facility.
“No more waiting for the completion of the dispute, so the functional center will ensure the quality and fast resolution that is also affordable,” said Chairman of the Ramana Judge.
Justice Nageswara Rao underlines the need to ensure a conducive environment for contract enforcement along with the ease of doing business.
“Paris, London and Singapore are early centers for international arbitration and now Hyderabad will stand next to them,” he said.
“For India, this will be a sophisticated facility with a quick and quality resolution option with the best wise mind.” Judge Ramana reminded the attendees that economic reform in India was dressed by other Putra Telangana, PV Narasimha Rao, during his ministry in 1995.
It was seen from this angle, Hyderabad would be the right place for international arbitration.
KTR in his speech, thanked the APEX court judge for carrying international facilities to Hyderabad which offered a quick resolution for commercial disputes.
“We will expand all support to the center,” he assured.