CURRENT AFFAIRS

Detailed explanation-1: -IAMC-Hyderabad is India’s first arbitration centre for alternative dispute resolution. Although arbitration centres have already been set up in India, most prominently in Delhi and Mumbai, domestic and international parties still appear to prefer the foreign arbitration Centres.

Detailed explanation-2: -The International Arbitration and Mediation Centre is India’s first arbitration centre for alternate dispute resolution. IAMC Hyderabad was inaugurated by CJI Ramana and Chief Minister K Chandrashekhar Rao in December last year. Since then it was being operated from a temporary campus at Nanakramguda.

Detailed explanation-3: -Lok Sabha has already passed the Bill. The Bill amends the New Delhi International Arbitration Centre Act, 2019. The Bill renames the New Delhi International Arbitration Centre as the India International Arbitration Centre.

Detailed explanation-4: -Located in the Delhi High Court premises itself DIAC provides a centrally located and easily accessible venue for the disputants, arbitrators and lawyers.