NEW DELHI: A bill to amend the law for speedy disposal of commercial disputes and seeking to reduce the pecuniary jurisdiction of commercial courts from Rs 1 crore to Rs 3 lakh was passed by the Lok Sabha today.
Replying to the debate on the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amendment) Bill, 2018, Law Minister Ravi Shankar Prasad said “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,” he said replying to opposition concerns regarding already over-burdened courts.
The bill, which was passed by a voice vote in the Lok Sabha, also allows state Governments to establish commercial courts at the district level, even in territories where high courts have ordinary original civil jurisdiction. (AGENCIES)
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