Commercial Courts bill to be tabled in session: Moily

The Commercial Courts bill proposes that disputes involving subject matter worth Rs 5 crore and above would be decided by special division benches of High Courts within one year.

The Commercial Division of High Courts Bill,2009,under which special courts are contemplated for speedy hearing of commercial disputes of Rs five crore and above,would be tabled in the current session of the Parliament,Union Law Minister Veerappa Moily said here today.

Moily inaugurated a conference on proposed amendments to the Arbitration and Conciliation Act,1996,here.

The Commercial Courts bill proposes that disputes involving subject matter worth Rs 5 crore and above would be decided by special division benches of High Courts within one year.

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Moily said the bill got stuck in the Rajya Sabha,but government would ensure its passage in this session.

“The economy opened up in 1991,but we did not open up the (institutions of) commercial disputes,” Moily said,adding the “general perception” in the outside world that Indian legal system is time-consuming “must be removed”.

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