International Arbitration and Mediation Centre (IAMC) as proposed by the International Arbitration and Mediation Centre Trust is an autonomous body which was inaugurated in Hyderabad by Chief Justice of India NV Ramana and Telangana Chief Minister K. Chandrasekhar Rao. It is fourth centre of its kind after ones in Dubai, London and Singapore. The institution acts as mediator or arbitrator for contract value of more than 30 million Indian rupees (393,000 USD) in case of dispute involving any entity owned or managed by Government of Telangana.
| International Arbitration Centre | |
|---|---|
| Established | 2019 |
| Jurisdiction | International |
| Location | Hyderabad |
| Secretary-General | |
| Chairperson | |
Objective
editInternational Arbitration and Mediation Centre was started in Hyderabad[1] as an arbitration and mediation centre as proposed by the International Arbitration and Mediation Centre Trust[2] for resolving commercial disputes and between Government of Telangana and common public.[3]
Pre-Requisite for Mediation
editAny ministry,public sector company, department, or any entity controlled or managed by the government of Telangana with a contract value of more than 30 million INR (USD393,000) can request for arbitration/mediation with the institution [4]
Location
editThe facility is being constructed behind IKEA and in proximity to the IT hub. Government of Telangana provided land and ₹50 crore (US$6.0 million) for construction of building.
Trustees
editThe trustees of the Institution's board will include Telangana Law ministers,senior judges and other eminent people who will ensure policy level execution apart from regularly amending the policies.
Members
editInternational Arbitration and Mediation Centre operations is managed by a professional Secretary with the support from qualified staff. [5] Many famous persons from legal profession, experts and veterans in commerce industry with specialised in arbitration and mediation field both from India and abroad will form the Governing council of the institution.
See also
editReferences
edit- ^ Kumar Mutha, Sagar (18 December 2021). "India gets its 1st international arbitration centre in Hyderabad | Hyderabad News - Times of India". The Times of India. Retrieved 27 August 2022.
- ^ "CJI lays foundation for International Arbitration Centre in Hyderabad". The Hindu. 12 March 2022. Retrieved 27 August 2022.
- ^ "CJI inaugurates International Arbitration & Mediation Centre in Hyderabad". The New Indian Express. 19 December 2021. Retrieved 27 August 2022.
- ^ "Telangana state picks IAMC as arbitration centre". Law.asia. 12 May 2022. Retrieved 27 August 2022.
- ^ "International Arbitration and Mediation Center - Hyderabad (IAMC-H) - JournalsOfIndia". journalsofindia.com. 15 March 2022. Retrieved 27 August 2022.