The Union Cabinet on Wednesday approved amendments to the Commercial Courts Act 2015 that reduces the threshold amount of a dispute to be tried at commercial courts from Rs1 crore to just Rs 3 lakh. This would help bringing down time taken in resolution of commercial disputes and further improving India’s ease of doing business ranking.
The amendment sets up commercial courts at district judge level in Chennai, Delhi, Kolkata, Mumbai and Himachal Pradesh.
It also introduces the pre-mediation institution process where no urgent or interim relief is sought. The amendments would be prospective in nature.