Sunday, February 8, 2015

The Commercial Courts Bill 2015

In an effort to give a boost to Narendra Modi's 'Make in India' campaign and encourage foreign investments, the law commission on Thursday submitted a draft bill to the government on setting up of commercial courts. 

The Commercial Courts Bill 2015, likely to be introduced in the coming budget session, has proposed some key amendments that includes setting a time limit of 90 days for delivery of judgement after conclusion of arguments besides powers to the courts to impose 'exemplary costs against defaulting parties for wilful failure to disclose all documents'. 

Once the bill is passed by Parliament, it will lead to setting up of at least 60 commercial courts across the country or about two to three courts in each state, said law commission chairman Justice A P Shah. The bill also provides for appellate division benches in high courts which will hear the appeals from commercial courts. 

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