NEW DELHI: The Lok Sabha on Wednesday passed the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amend) Bill that seeks to bring down the specified value of commercial disputes from the existing Rs 1 crore each to Rs 3 lakh for improving India’s standing in the ease of doing business.
Earlier, moving the Bill for consideration and passage, Union Law Minister Ravi Shankar Prasad said: “Good governance is also part of good economy.” He said that there were 214 commercial courts, and over 2,000 cases of involving over Rs 1 crore were pending. The Bill also seeks to withdraw an ordinance brought by the government earlier in 2018. Replying to the discussion, Prasad said, “This is a historic legislation.
This Bill is a larger narrative pursuance to ensuring India’s performance in the ease of doing business. We want to provide option of using commercial dispute resolution to smaller traders also.” It provides for establishment of commercial courts at the district judge level for the territories over which respective high courts have ordinary original civil jurisdiction. (IANS)