Soon, New Town to come up with Business and Arbitration Centre

The Business and Arbitration Centre for resolving the trade-related disputes of business houses is ready to come up in New Town. The top Indian and International business houses, who had participated in the Global Business Summit organised by the state government, had requested to set up an arbitration centre which is of utmost important to grow a business and invite foreign investment in the state.

Chief Minister Mamata Banerjee had instructed the urban development department to initiate the project in New Town, where a Business and Arbitration Centre can be formed which could find a solution to business related disputes among the big-ticket investors and small companies as well.

On Tuesday, State Urban Development minister, Firhad Hakim and Law minister, Malay Ghatak inspected the Business and Arbitration Centre which has been set in the fifth flood of the Financial Centre, one of the iconic building in New Town.

“The investors had requested the Chief Minister in Global Business Summit to set up a Business and Arbitration Centre in Kolkata so they could solve the trade-related issues here. It is necessary for global investment too. Today we have inspected this centre and believe it would be apt for the purpose but we will take the expert’s opinion. The Business and Arbitration Centre could operate from here if the business houses are satisfied with the infrastructure,” said Hakim.

However, West Bengal Housing Infrastructure Development Corporation (WBHIDCO), the nodal agency for necessary development in New Town has already taken its plan to set up a legal hub. The proposed 50-storey building is expected to house most of the commissions, tribunals and some courts as well.

As New Town is close to the airport, the authorities will need a permission from the civil aviation ministry to construct such a tall building. As of now, buildings with 38 floors are allowed in the township.

 However, the Business and Arbitration Centre is equipped with IT facilities, Consultation rooms, arbitrators’ chambers, library, secretarial assistance, and research facilities. The only objective of building the arbitration centre is to have a quick solution to grievances and to solve the industrial 

legal disputes.