INSUBCONTINENT EXCLUSIVE:
ranking in the ease of doing business index
The ordinance will replace the bill
It would bring down the time taken from the present 1,445 days for resolution of commercial disputes of lesser value.Ease of doing business
is an index of the World Bank which refers to the dispute resolution environment in a country that facilitates an investor in deciding to
set up and operate a business
for establishment of commercial courts at district judge level for the territories over which the high courts Chennai, Delhi, Kolkata,
Mumbai and Himachal Pradesh have ordinary original civil jurisdiction.The introduction of the pre-institution mediation process in cases
where no urgent, interim relief is contemplated will provide an opportunity to the parties to resolve the commercial disputes outside the
ambit of the courts through the authorities constituted under the Legal Services Authorities Act.The law will be given prospective effect so
that the authority of the judicial forum presently adjudicating the commercial disputes is not affected
Increase of foreign direct investment and overseas commercial transactions have further contributed to a significant rise in the number of
commercial disputes in the country
The ordinance was approved by the Union Cabinet yesterday.(This story has not been edited by staff and is auto-generated from a syndicated
