Chief Justice of India N. V. Ramana on Friday said that everyone should ensure their participation in the arbitration movement, so to resolve the disputes amicably and strengthen the judiciary as well.
The Chief Justice made the observation, while attending a function at the residence of Chief Justice of Telangana High Court Justice Hima Kohli, where a Trust Deed was registered for the International Arbitration and Mediation Centre, Hyderabad.
Justice Ramana said the proposed International Arbitration and Mediation Centre in Hyderabad will have efficient administration to resolve the disputes with technically expert members. This would not only help the investors abroad, but also those in India, who would be able to settle their disputes in the shortest possible time.
The quality of Arbitrators is excellent and everyone should participate. It’ll be supervised by senior eminent people and some more trustees will be included shortly in the trust Board, he added.
“This is the reason why we all should participate in this Arbitration movement to enable us to dissolve the disputes and strengthen the judiciary,” he said.
“Litigation is a very costly, tedious and more time-consuming thing. The arbitration centre resolves the disputes and you need not go and spend time in Courts,” added the CJI.
Talking about foreign investors, he said they requested only one thing. “They said they were ready to invest, but were afraid of litigation. How many years the litigation takes place in India, we don’t know. We were buying both properties and litigation, and they were very reluctant. At that time, the Prime Minister initiated a new law, Arbitration and Conciliation Act, 1996. It came into force and thereafter momentum started for Arbitration, Conciliation. The reason is industries and investors don’t want litigation, but the ease of doing business.
In case by any chance, they get themselves involved in litigation, they want it to be resolved easily, amicably and without any time lag so that their investment is saved.
Urging the foreign investors and foreign people to come and participate in the International Mediation and Conciliation Centre, the CJI, while listing down the benefits that the investors could derive from international mediation and conciliation in India said, “India is going to be very vibrant with huge potential for further growth. The important thing is that compared to the foreign currency, the amount that they will have to spend in this country is very less. So it is another very encouraging factor for the foreign investors and foreign people to come and participate in the International Mediation and Conciliation Centre.”
The CJI further said, “It is not a new thing that we’ve invented. You know that in our Indian Culture we solve our majority and disputes through mediation, negotiation and conciliation. Even in our family, we negotiate with our children, wife and brothers. Mediation also takes place between friends and family members also.”
The event was attended by Supreme Court judges Justice L Nageshwar Rao, Justice R Subhash Reddy, former Supreme Court judge Justice RV Raveendran, Chief Justice of Telangana High Court Justice Hima Kohli, Minister of Forest and Environment and S & T, Endowments and Law Allola Indrakaran Reddy, and Taraka Rama Rao, Minister of MA & MD, Industries & Commerce, ITE & C.