New Delhi, July 23 (IANS) A Bill aimed at improving India’s standing in the ease of doing business was introduced in the Lok Sabha on Monday. It seeks to bring down the specified value of a commercial dispute to Rs 3 lakh from the present Rs 1 crore.
The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amendment) Bill, 2018, was introduced by Law Minister Ravi Shankar Prasad. It seeks to withdraw an ordinance brought by the government earlier this year.
The Bill provides for establishment of commercial courts at the district judge level for the territories over which respective high courts have ordinary original civil jurisdiction.
The bill seeks to amend the Commercial Courts Act, 2015 and provides for reducing the specified value of commercial disputes from the existing Rs 1 crore to Rs 3 lakh, enabling the parties to approach the lowest level of subordinate courts for speedy resolution of disputes.
Officials said there has been a steep rise in the number of commercial disputes at domestic and international levels. Growing Foreign Direct Investment (FDI) and overseas commercial transactions have also contributed to a significant increase in commercial disputes.
They said bringing down the specified value of a commercial dispute would reduce the time taken for resolution of such disputes and improve India’s ranking in the ease of doing business.