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 Parliament today.
The bill, passed in the Lok Sabha in July 31, was adopted in the Raya Sabha by voice vote amid opposition demand for strengthening the necessary infrastructure for speedy disposal of cases.
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 small businesses should get their disputes redressed like the big ones.
Maintaining that efforts were being made to improve the court infrastructure, he said under a central scheme, 42 per cent of the Rs 6,302 crore was given to the states for infrastructure development in the last four years alone.
Even measures to fill up vacant posts of judges in the higher judiciary were being undertaken, he said. (AGENCIES)