New Delhi: A Bill seeking to establish separate division in high courts for speedy hearing of commercial disputes of Rs 5 crore and above, is likely to get Parliamentary nod in the forthcoming monsoon session, Law Minister Salman Khurshid said on Wednesday.
"The Bill (Commercial Division of High Courts Bill, 2009) is already before Parliament. They (Parliament) have indicated some changes need to be made. We are making those changes and we will try to get it passed by the next (Monsoon) session," Khurshid said on the sidelines of World Islamic Economic Forum event here.
Commercial Division in the High Courts is proposed for fast tracking of large value or important public interest matters relating to commercial issues, he said.
"There will be a list of areas described as commercial areas that would be taken directly by the high courts. High court will have special division called commercial division. they will dispose off these matters. So it`s kind of fast track commercial work," he said.
The Commercial Courts Bill proposes that disputes involving subject matter worth Rs 5 crore and above would be decided by special division benches of high courts within one year.
Khurshid observed that the "economic analysis of law is something still in infancy in our country. We have outstanding legal system.
The time has come for the economic analysis of law to become a reality in our country, he added.