Sunday, February 8, 2015

The Commercial Courts Bill 2015

India has been ranked 142nd in ease of doing business and has slipped from the previous 140th rank,which is a matter of concern. Trade has been the lynch-pin of development since ancient times. Looking at the sluggishness of the world economy and to have a positive BoP,we need to boost the manufacturing sector in the country towards the “make in India” campaign
In this regard,the formulation of the Commercial courts bill,2015 has been a progressive step. The salirnt features of this bill include:
1. setting a time limit of 90 days for delivery of judgment after conclusion of arguments
2. setting up appellate division benches in high courts which will hear the appeals from commercial courts.
3. provides for 'training and continuous education of judges' by the national and state judicial academies.
4. These courts will have judges with expertise and experience in commercial disputes and fixed tenure of two years so that continuity is maintained
5. the commercial court will be empowered to conduct a case management hearing by amending the CPC.
6. Will have powers to fix dates for hearing, decide which issues are to be tried and witnesses to be summoned.
7. the court will be empowered to impose costs and other penalties on parties for failure to follow the directions set out in a case management hearing,
Although speed and efficiency are all but guaranteed in the Commercial Court some pitfalls are-
1. efficiency is derived primarily from strictly enforced deadlines has consequent demands and pressures on both solicitors and their clients.
2. the cost of bringing claims is significant
3. litigating before the Commercial Court can often attract far greater publicity, which is not always welcomed.
However many countries like the USA have had commercial courts from 1990s itself. Also germany,england,france,austria,new zealand,ireland etc. hence this could be seen as a welcome step in the right direction

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