The Chief Justice of India, N.V. Ramana, said on Saturday that several international dispute resolution institutions are being established across India, to provide the commercial world with speedy and effective resolution of disputes.
Ramana, who was attending the fourth edition of the international conference on ‘Arbitration in the era of globalisation’ in Dubai, said, “Recently, I, along with my brother and sister judges sitting here and a few other eminently qualified professionals, have been involved in the setting up of an International Arbitration and Mediation Centre in Hyderabad, Telangana. The state of Telangana has been very encouraging and supportive of this endeavour. Through this institution, we are looking to create an independent body that is self-sufficient and delivers to international standards.”
The government of India also made a provision in its latest Budget for setting up an arbitration centre in Gujarat, the CJI said, adding that he strongly believes that there is a lot of potential for setting up such new centres.
To meet the increasing demands, they will have to cooperate rather than compete, he said.
“As these Centres are new and upcoming, there is a lot to be learnt and shared. I hope that the Dubai International Arbitration Centre and the international arbitration centres in India will cooperate and share information and knowledge. I see a future, both in India and Dubai, tending towards institutional arbitration,” Ramana said.