The state government justified its decision, arguing that a high-level committee constituted by the Central Government had submitted its recommendations in 2017 to promote institutional arbitration in India.
The committee suggested that there is a need for an institution similar to that of Singapore International Arbitration Centre (SIAC), London Court of International Arbitration (LCIA) or the Hong Kong International Arbitration Centre (HKIAC) in India, and, therefore, the IAMC was formed through a trust deed in August 2021, executed by the then CJI, the government argued.
It stated that following this trust deed, a Memorandum of Understanding (MoU) was entered into between the State of Telangana and the IAMC, whereby it was agreed that the State would support the IAMC by allotting land.
The government further said that IAMC is a public charitable trust and is a ‘not for profit organisation’ and the allotment of land was for a public purpose, like providing world-class mediation and arbitration centre for all sections of society.
