Greeva Garg –
Published on: August 21, 2021, at 09:38 IST
Chief Justice of India NV Ramana stated that dispute resolution through negotiations and mediation is part of Indian culture.
Describing former Prime Minister of India PV Narasimha Rao, the father of Economic Reforms in India, CJI said the country’s reforms started under the Congress veteran’s leadership.
Following economic reforms, a proper legal framework for dispute resolution in India came into being, namely the Arbitration and Conciliation Act in 1996.
“You know the father of the economic reforms in the country is none other than PV Narasimha Rao, Telangana Bidda (son of Telangana). Under his leadership, in India, for the first time, economic reforms started,” the CJI said.
As litigation is tedious, costly, time-consuming, so people should go for mediation and this will strengthen the judiciary.
Earlier, foreign investors were apprehensive about the time taken for the dispute resolution process in the Indian judiciary, but after the Arbitration and Conciliation Act came into being in 1996, the momentum for out of Court procedures picked up.
At Registration of Trust Deeds of the International Arbitration and Mediation Centre in Hyderabad, Justice Ramana said the city is well placed to have an international arbitration centre and the cost of dispute resolution through the centre would be much cheaper when compared to other countries.
Supreme Court Judge Justice L Nageswara Rao and former Apex court Judge Justice Raveendran will be the life Trustees of the Arbitration Centre in Hyderabad and they will co-opt some more members in future.