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WTC Visakhapatnam Co-hosts a program on ADR

Aug 31, 2022

World Trade Centre Vishakhapatnam and Shamshabad have co-hosted   Fireside Chat Session on ‘Importance of ADR from the perspective of Ease of Doing Business (EoDB) along with the Federation of Indian Chamber of Commerce and Industry in association with IAMC on Saturday - 20th August 2022 at Park Hyatt, Hyderabad. More than 100 delegates have participated in the Fireside Chitchat.

Chief Justice of the High Court of Telangana Justice Ujjal Bhuyan highlighted the dispute resolution mechanism under the MSMED Act, 2006 and discussed a few provisions of the Commercial Courts Act to state that mediation and conciliation have been recognized by statutes.

Justice Ujjal Bhuyan said: “Disputes are inevitable in business. Legal system must provide for an effective and assured speedy resolution of disputes. There must be certainty in the legal framework, in other words business or industry will look for a scenario where there is certainty in the laws. It cannot happen that based on the existing laws of today, a foreign investor invests in India and five years later another law is brought in which adversely affects the interest of the investor and is given retrospective effect. This is outside the scope of the judiciary but is a very important aspect.”

He said that there was a need to have a trained pool of arbitrators who can handle specialized matters.

He also discussed how mediation is an informal process and there are places where mediation and arbitration go hand in hand, and also explore that as it is not the case that they are exclusive to each other.