Suchitra Singh, O.P. Jindal Global University
Introduction
The enactment of the Commercial Courts Act, 2015 (The Act) is a fair reflection of the legislative intent to stand on the principle of “justice delayed is justice denied” and thus to “ensure that commercial cases are disposed of expeditiously, fairly and at reasonable cost to the litigant”.
The idea goes back to 2003, the 188th Law Commission report2 discussed the idea of setting up commercial divisions in the High court. This report also highlighted a major criticism of the Indian judiciary by the US and UK courts.3 One cannot deny that such generalization puts a dent to a country's reputation globally, shooing away foreign investments. Thus, the report proposed original jurisdiction to High courts.
253rd report4 recommended the establishment of separate independent commercial courts with original jurisdiction over commercial disputes. After being tabled and scrutinized in both houses, it was passed on 31st December 2015 establishing the Commercial Courts Act, 2015.
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