Aiming to improve the ease of doing business and speedy disposal of commercial disputes, the government has approved an ordinance for fast disposal.
Speaking to reporters, Union Law Minister Ravi Shankar Prasad said, ‘the Union Cabinet approved an ordinance to amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act’.
According to the new bill which is pending in Parliament, the specified value of a commercial dispute will be brought down to Rs 3 lakh from the present Rs 1 crore. The proposed ordinance will replace the pending bill. It would bring down the time taken from the present 1,445 days in resolution of commercial disputes of lesser value. Ease of doing business is an index of World Bank which refers to the dispute resolution environment in a country which facilitates the investors in deciding for setting up of and operation of a business