CURRENT AFFAIRS

Detailed explanation-1: -Chhattisgarh CM inaugurates India’s first commercial court in Raipur | Business Standard News.

Detailed explanation-2: -The Commercial Courts Act 2015 was introduced by the government to reduce the pendency of the Commercial Disputes which earlier were dealt with under the category of regular suits. This step taken by the government has well enabled both domestic and foreign investors to gain trust in the Indian markets.

Detailed explanation-3: -Commercial division in high courts Establishes commercial divisions in 5 high courts which have ordinary original civil jurisdiction, i.e., the High Courts of Delhi, Bombay, Calcutta, Madras and Himachal Pradesh.

Detailed explanation-4: -Commercial Disputes are defined under section 2(c) of the Commercial Courts Act, 2015. In the routine transactions of merchants, bankers, financiers, and traders, there is a debate over the enforcement and interpretation of papers. Export and import of goods and services. Admiralty and marine law issues.

Detailed explanation-5: -The Act came into force on 23.10. 2015. Wherein the Act had limited the specific value of the suit to not less than Rupees One crore and the commercial courts were established at all the District levels.