Chief Justice of India N V Ramana today said that an International Arbitration Center (IAC) would be started in Hyderabad soon.
Talking about the IAC after signing a deal of a trust deed registration for the same, he said, "It will help bring in litigation-free investments to the state and country. My dream of setting up the centre will finally come true in three months."
Ramana added, "I did not expect it to be operational this soon and am really thankful to the TRS government for its support in the matter. I am also pleased to be starting the IAC in Telangana as it will address not only international litigations and disputes, but also domestic litigations."
The CJI then directed Telangana Chief Justice Hima Kohli to take the necessary action to spread awareness about the IAC and its services.
He also extended his gratitude to Chief Minister K Chandrashekar Rao for readily agreeing to support this initiative and to IT and Industries Minister K T Rama Rao for making all the necessary arrangements.
"The new arbitration and mediation centre will start its services soon. I hope that this new facility will help us address business related issues without making foreign trips. Right now, such litigations are addressed at Singapore and Dubai but once operational, the IAC will settle all issues pertaining to international and domestic litigations in India itself. It will increase the investments being made in the country and the state," the CJI stated.
State Chief Justice Hima Kohli and Law Minister A Indrakaran Reddy also signed related documents in the presence of minister K T Rama Rao, some judges and the officials concerned.
Speaking on the occasion, KTR said that it was a matter of pride for the state that an international arbitration centre was being set up in Hyderabad, and added, "We are happy to see that this revolutionary new facility will be set up here as it will strengthen economic activity in the state. Our government will offer all the support the new centre needs to flourish.
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