29 March 2022 10:35 AM GMT
In the first Quarterly Report issued by International Arbitration and Mediation Centre (IAMC) since its inauguration, it has been claimed that disputes to the tune of 400 Million US Dollars have been administered by the Centre. The report also states that a variety of matters have been referred to the Centre by courts and tribunals, including two matters from the Supreme Court.In the...
In the first Quarterly Report issued by International Arbitration and Mediation Centre (IAMC) since its inauguration, it has been claimed that disputes to the tune of 400 Million US Dollars have been administered by the Centre. The report also states that a variety of matters have been referred to the Centre by courts and tribunals, including two matters from the Supreme Court.
In the Quarterly Report for December 22, 2021 till March 22, 2022, Mr Tariq Khan, Registrar of IAMC, added that he is pleased about the Centre handling a wide variety of disputes including those from the Energy Sector, Real Estate, Family Disputes etc. Within a short span of time, IAMC has conducted more than 50 hearings, both administered under the IAMC Rules as well as ad-hoc, the report claims.
Mr Khan also expressed his gratitude for the cooperation and active engagement from the Local Bar since so many ad-hoc arbitration proceedings were conducted using the secretarial facilities of the Centre.
Mr Khan also added that IAMC has been making its mark in the international arena of arbitration and mediation. He pointed out partnering a round table discussion in Dubai on the topic of India as a seat of International Arbitration in Mid-March. This is one of the four conferences/events organised and partnered by IAMC nationally and internationally.
Another aspect mentioned in the Report is that the Centre located in Hyderabad will be releasing the rules for International Arbitration soon.
According to IAMC, it is in the process of entering into an MOU with WE-Hub which is a one-stop destination for promoting women entrepreneurs in India. IAMC also cites the significant rise in the number of members in the community known as YIAMC (Young IAMC) comprising of students and young practitioners.
Moreover, IAMC has also been regularly conducting a plethora of training courses, awareness programs and conferences to encourage Arbitration and Mediation, the report adds. In March, CJI N V Ramana has also laid the foundation stone for the Centre's expansion plans in a new four-acre campus.
IAMC claims that it has been able to provide 'a digital-first experience, top-notch services and seamless client services' in the first three months for all forms of dispute resolution.
It is pertinent to note here that IAMC has been set up as a public charitable trust authored by Chief Justice N V Ramana. It has eminent judges and practitioners as its trustees and council members. Some of them include Justice L Nageswara Rao, Justice Hima Kohli, Former Supreme Court Judge R V Raveendran, Telangana High Court Chief Justice Satish Chandra Sharma, Telangana Law Minister A. Indrakaran Reddy, Sir Bernard Eder, QC (International Mediator and Arbitrator), Dr Eun Young Park (Co-Chair, International Arbitration and Litigation Group, Kim & Chang), Senior Advocate Promod Nair etc.
The Quarterly report also updates the community of arbitrators and mediators about the recent developments in these two realms. The Report mentions the new State Parties to the Singapore Convention on Mediation. It also adds that the Member States of the International Centre for Settlement of Investment Disputes (ICSID) has developed a new set of procedural rules for mediation and fact-finding.
Gyan Prakash Arya v. Titan Industries Limited (2021) and Jivanlal Joitaram Patel v National Highway Authority of India , 2022 LiveLaw (Del) 2022 have also been cited as important developments in the interpretation of Section 33 of the Arbitration and Conciliation Act and the 4th Schedule of the Act respectively.
Click Here To Read The Report