The effective and efficient resolution for any dispute
Many disputes arise not only in corporate entities but also in real estate companies. If these disputes go to courts, no one knows how many years it will take to resolve these issues. Moreover, if these disputes are made public, the reputation and goodwill of the organizations also gets impacted. Apart from that, it would be great if disputes between two people, contractors, or organizations could be resolved quickly within four walls, in the presence of arbitrators and mediators who are trained and industry experts! A similar organization has started in the Financial District of Hyderabad recently, and it is named the International Arbitration and Mediation Centre (IAMC). The Government of Telangana has extended its full support to the formation of the IAMC.
IAMC resolves many disputes in various corporate, industrial, business, commercial, real estate, and family sectors within India and internationally by following mediation and conciliation methods. In particular, the IAMC resolves the financial disputes arising in the contracts of various organizations in society without going to court traditionally. MSME disputes and matrimonial matters can also be better resolved through IAMC mediation.
Actually, IAMC is a public charity organization. The organization consists of professionals who have worked in responsible positions in society. Former Supreme Court judges L. Nageswara Rao, RV Ravindran, and Justice Hima Kohli, as trustees and Law Ministers, are continuing as ex-officio members. All of them are Trustees of the IAMC without taking any salary or any other kind of benefit. Internationally experienced experts in the field of arbitration and mediation, as members of the Governing Council of the IAMC, will ensure that arbitration and mediation take place at appropriate times in accordance with the rules of the organisation’s activities.
A case can be registered at IAMC for a nominal fee of Rs 5,000. The mediation team commences the proceedings with the consent of the parties who have agreed to the mediation procedure. Mediation shall take steps for settlement not exceeding three months. In fact, it will be completed in less than two months. In a case that took too long in the courts, the company resolved the issue within two months through mediation. That is one of the achievements of the IAMC. In arbitration, the IAMC resolves the issues within one and a half years in accordance with the Indian Arbitration Act. IAMC works in that direction. In some cases, it may take some time.
Mediation is a simpler process than courts and arbitration. IAMC’s legal experts help both parties settle disputes quickly and easily in mediation. Thus, disputes will be settled, and good relations will be established between the parties. That is the greatness of mediation. Sometimes these get resolved within two or three days. There are many factors involved in arbitration. In the company’s affairs, the entanglements of both sides should be understood. The person appointed for arbitration should carefully consider many aspects and not push any side. He has taken time to collate all his experience and should ensure that justice is done to both parties. Arbitration is a somewhat difficult process compared to mediation. It should be remembered that the parties approached by the IAMC are never forced to go to mediation.
If we take the real estate sector, it is essential to appoint an expert who has deep and legal knowledge of the construction sector to examine the disputes in the field. In that too, we appoint judges, advocates, and trained persons as arbitrators who have good experience in the legal system. In this, credibility, integrity and the experience of a person are taken into consideration. The IAMC organisation can be said to be very useful, especially for the real estate sector. It is essential to consider the aspects related to Section 32 of the RERA Act between builders and buyers. Disputes arise between builders and contractors over many financial transactions. These will be resolved by the IAMC expeditiously. That is why, today, all those who have problems related to the real estate sector turn to the IAMC.
The city of Hyderabad today is the largest city in the country for all sectors. Global companies are looking towards Hyderabad. It has become the focal point of the real estate sector in the country. No builder or developer buys plots and hangs them around the courts for years. What they also want is an organisation that is acceptable and does justice. Same as IAMC. Some real estate companies in the city are already using the services of IAMC.
We are working to create awareness among the public about the services of the IAMC. In this regard, we recently conducted an awareness programme for IAMC across various sectors in the state. We will also undertake similar programmes in other areas. We hope to conduct a workshop with international arbitrators and mediation experts in Hyderabad soon. We conduct free training classes in Hyderabad for young lawyers and aspirants in Telangana. Besides, we want to make bureaucrats, police officers, RERA officers, and judicial officers participants in this. I hope that IAMC will play an important role in making Telangana state a role model for all sectors in the coming days. We have held meetings with organisations like FICCI, CII, and CREDAI, which work for the development of industrial and business sectors. Representatives of those organisations are encouraging IAMC, says Tariq Khan, Registrar, IAMC.
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