Commercial Court System In India Essay

4095 words - 16 pages

Drupad Sangwan20110248L.L.B - 2011 Commercial Court SystemAbstractThe main objective of this paper is to closely analyze commercial court systems prevailing in different countries of the world and applying this information to study the need and development of commercial division of courts in India. The first part of the paper deals with the close analysis of the commercial division of the High Court bill introduced in 2009 including the need, advantages as well as the disadvantages of commercial system in Indian context. The later part concentrates on the comparison between the commercial system proposed in Indian pretext and existing commercial system of different countries. In the end, the paper concludes with suggesting certain reforms needed in the commercial division of The High Court bill and lays stress on its implementation.IntroductionIn the recent times our country has undergone a drastic change especially with respect to growth of commercial and industrial sector. After 1991 the policies of the government facilitated foreign investment in a big way. Privatization, liberalization and globalization have resulted in increase in commerce and trade which also lead to increase in commercial disputes.The United Nations Commission on International Trade Law defines commercial dispute as "disputes arising from Relationships of a commercial nature including any trade transaction for the supply or exchange of goods or services; distribution agreement; commercial representation or agency; factoring; leasing; construction of works; consulting; engineering; licensing; investment; financing; banking; insurance; exploitation agreement or concession; joint venture and other forms of industrial or business cooperation; carriage of goods or passengers by air, sea, rail or road." With the rapid increase in the commerce and trade of the country, unless there is mechanism of resolving the increased number of disputes speedily and effectively the progress will be retarded. In fact, a recent study conducted by RSG Law Centre estimates that the Indian legal market is worth 800 million US dollars and will cross 1 billion US dollars in another three years. With foreign investment and law firms entering the sector very soon, it is certain that disputes cannot wait to be settled.[1: http:// www.legalindia.in/%E2%80%98dispute-resolution-%E2%80%93-the-commercial-way%E2%80%99][2: http://www.rsg-india.com]There was a need of establishing a separate division of the courts that deal with only commercial disputes as the present system is not effective enough to solve commercial disputes speedily. The Doing Business Report 2011, widely accepted to be a benchmark indicating regulatory framework to conduct business in a particular country, places India in the 182th position amongst nations, with regard to enforceability of contracts. The report identifies that it takes an average of 1,420 days to resolve a commercial sale dispute in India, while it takes only 406 days to do...

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