President promulgated Ordinances on Constitution of Commercial Courts and Amendment to the Arbitration & Conciliation Act 1996

Oct 24, 2015 11:11 IST

The President of India Pranab Mukherjee on 23 October 2015 promulgated two ordinances - Constitution of Commercial Courts and Amendment of the Arbitration and Conciliation Act 1996.

Ordinance on Constitution of Commercial Courts
seeks constitution of Commercial Courts, Commercial Division and Commercial Appellate Division in the High Courts for adjudicating commercial disputes of specified value and for matters connected there with or incidental thereto.

The ordinance on amending the Arbitration and Conciliation Act 1996 seeks amendments based on the Law Commission’s recommendations of 246th reports and suggestions received from stakeholders.

The Union Cabinet earlier on 21 October 2015 approved promulgation of these ordinances and recommended the same to the President.

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