The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015 was introduced in the Lok Sabha on 7.12.2015 and passed on 16.12.2015. The bill seeks to provide for the constitution of Commercial Courts, Commercial Division and Commercial Appellate Division in the High Courts for adjudicating commercial disputes of specified value and matters connected therewith.
The Bill defines at length “commercial dispute” which encompasses almost every kind of transaction that gives rise to a commercial relationship, provides for specialized commercial courts at various levels categorized as Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts having varied value threshold. Also, all matters pertaining to international commercial arbitrations have been brought within the purview of the High Court. The main object of the Bill is to provide expeditious disposal of commercial cases and to reduce the burden of High Courts with respect to suits concerning commercial transactions.
-Lok Sabha