Bill in LS to handle financial disputes on "fast track"

A Bill to set up commercial divisions in High Courts to deal with high value financial disputes on a "fast track" basis was today passed in the Lok Sabha amidst din and without discussion.

The Commercial Division of High Courts Bill 2009, which proposed that high value cases of Rs 5 crore and above would be handled by commercial divisions to be set at various High Courts, was moved by Law Minister Veerappa Moily.

As the bill was passed without discussion amid slogan shouting by TDP members against the formation of Telangana and Congress members supporting it, members of other opposition parties including the BJP, Left, SP and RJD protested the manner in which major legislative business was being carried out. They later walked out of the House.

The Statement of Objects and Reasons of the bill says that while the pecuniary jurisdiction of civil courts for trying civil and commercial disputes now differ from state to state, once these commercial divisions are set up, all disputes of high threshold will be filed in the High Court and dealt with by the proposed divisions.

"It would speed up the disposal of such cases as district courts will have no jurisdiction in such cases," it said and prescribed fast track procedures to be followed by the proposed commercial divisions.

These include pronouncement of judgement within 30 days of conclusion of argument and sending of copies of the judgement to the parties through e-mail.