One of the concise Acts relating to rules of legal commercial Activities in India is the Commercial Courts Act 2015. Though the Act contains 23 chapters including repeals and savings, each chapter imparts comprehensive detailing of provisions with regard to the existing commercial activities of trade and commerce in India.
The Act opens with detailing of extent of the Act in Indian States; impart accurate definition of commercial disputes in trade, finance, banking, commerce, immovable property, recovery of money or any subject matter of disputes falls under the provisions of the Act. Chapter 2 elaborately specifies the institution of commercial courts at District level through notification by the Government on all commercial disputes comes under the purview of the Act. Apart from the District level Jurisdiction, with consultation with High Court Government institute Apex Appellate courts and with specific consultation with High Court concerned with original civil Jurisdiction Chief Justice by virtue of Section 4 of the Act can constitute Division benches with single Judges. Apart from the Jurisdiction, bar on revision and petition on interlocutory orders on dispute.
Section 10 specifies the arbitrational disputes subject to the Arbitration and conciliation Act 1996. International commercial arbitration disputes are dealt in commercial division constituted by High court and other native commercial arbitrational matters are heard in commercial courts.
The act also specifies the fixation of specified value of the disputed subject matter involving recovery of money, movable and immovable properties and intangible matters in section 12 which is a vital factor while instituting suits, appeal and application. The specified value of recovery of money is with interest, market value of movable, immovable property and intangible assets are estimated while instituting suits before the commercial courts.
Though the Act provides ample authority to state Government in institutions of commercial courts, pre mediation opportunity is complied by Central Government notification in accordance with the rules and regulations of Legal Services Authorities Act of 1987.
The provisions for appeal as per the act is to file appeal on orders below District level is before commercial Appellate courts and aggrieved order from original civil Jurisdiction of concerned High Court is before the commercial division. The appeal period is sixty days. The filed appeals are to be disposed within a period of six months .Transfer of pending cases in civil courts in commercial disputes can be transferred to commercial courts and pending matters can be transferred to commercial divisions. All trial proceedings are subject to provisions in Code of Civil procedure code of 1908.
Apart from all the relevant provisions the Act also provides the provisions to publish data with regards to commercial courts in the concerned High court websites, the power of central and State Government to make rules and notification along with provisions to remove any difficulties inconsistent with the act for the flawless judicial functioning of Commercial courts and commercial appellate courts ensuring proper justice to the commercial disputes.