The Lok Sabha on 16 December 2015 passed the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015.
The Bill will help bring in big foreign investments into the country and improve India's global image on ease of doing business. It will help set up commercial benches in select high courts to settle high value commercial disputes.
The Bill was introduced in Rajya Sabha on 29 April 2015 by the Union Finance Minister Arun Jaitley.
20th Law Commission on 29 january 2015 submitted the 253rd report titled Commercial Courts Bill 2015 to Union Government.
Provisions of the Bill
• The Bill enables the creation of commercial divisions in high courts, and commercial courts at the district level.
• Commercial courts will be set up in all states and union territories, by the state governments after consulting with their respective high courts.
• Judges to a commercial court will be appointed by the Chief Justice of the concerned High Court in a manner to be prescribed.
• The number of high court judges that would be required for a commercial division of a high court would be determined and nominated by the Chief Justice of the High Court.
• It provides for transfer of all pending suits and applications relating to commercial disputes involving a claim of 1 crore rupees and above in the high court and civil courts.
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What: Passed by Lok Sabha
When: 16 December 2015