Which laws are primarily applicable while dealing with commercial disputes?

Which laws are primarily applicable while dealing with commercial disputes?
India is one of the fastest growing economies of the world. As a result of this, there is an increase in commercial disputes. While commercial disputes involve application of various laws, the laws which are primary applicable while dealing with commercial disputes include the Indian Contract Act, 1872, which governs contractual disputes between the parties, and the Transfer of Property Act 1882 which deals with immoveable property. 

What is the jurisdiction of the Courts while dealing with commercial disputes?
The disputes pertaining to a commercial transaction land up in courts with different jurisdiction based on the value of the subject matter (i.e. pecuniary jurisdiction) and the location of the defendant or cause of action (i.e. territorial jurisdiction). 

Is there any need for introducing new legislations?
Yes, due to a rapid growth in economy, need was felt to introduce new legislations affecting commercial disputes. To deal with commercial disputes, The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 was introduced in which certain amendments were carried out thereafter and accordingly the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amendment) Act, 2018 was introduced.

 Why is it imperative to introduce the Commercial Courts Act?   
Today, when India is looking forward to become a world’s leading economy by promoting trade at all levels all around the country, the importance of the enactment of the said Act gains even more importance, as it helps in ending protracted litigation, thus permitting the business concerns to focus entirely on their business activities instead of indulging into legal battles for years together.
When a business concern is able to focus on its business activities, then not only its own growth is accelerated but also it helps in boosting the economy of the entire nation. 

Is the functioning of ordinary civil courts and commercial courts same?
There is a particular segment of people who also believes that the functioning of the commercial courts and commercial divisions is much better than the proceedings before the ordinary civil courts, in terms of speedy disposal of cases, and in view of the fact that the judges presiding the commercial courts and commercial divisions including commercial appellate courts and commercial appellate division have specialized knowledge over the disputes pertaining to commercial transactions; therefore, it also improves the international image of Indian Judicial delivery system.

Is there any shortcoming associated with the said Act? 
 However, there are certain shortcomings attached to the constitution of the commercial courts. The major shortcoming of this Act is that, although the Act permits for the appointment of more judges, but instead of hiring more judges, it simply re-designates the existing judges as commercial court judges. In this scenario, although we get few commercial judges, but at the same time, the strength of the judiciary to deal with other cases like civil suits, matrimonial cases, criminal cases, disputes relating to small business transaction is substantially; reduced. Hence, in these circumstances, an ordinary man suffers at the hands of the judicial system. Thus, there is an alarming need to appoint new judges as commercial court judges, which the said Act also permits.  

How can the idea behind the said Act be achieved?
The idea behind the said Act can be achieved only if the lawyers, judges and litigants are adequately conscious of what the legislation wants to achieve through this Act.

 What is the focus of Aneja & Aneja while dealing with commercial disputes?
 Our focus at Aneja and Aneja is to bring maximum satisfaction to our clients. For this, we first understand the concern of our corporate client, then formulate a strategy after rounds of discussions and then we hit the target with an intention to achieve what our client wants us to seek. 

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