‘Commercial Courts Act is a message to foreign countries that disputes will be resolved’
The Hindu
COIMBATORE Commercial courts and a judicial magistrate court were inaugurated in Annur and the city
Commercial courts and a judicial magistrate court were inaugurated in Annur and the city and calling of cases in the new open courts commenced on Saturday.
Madras High Court Acting Chief Justice T. Raja inaugurated the district munsif-cum-judicial magistrate court at the Annur marketing regulatory committee complex and commercial courts at the Tamil Nadu State Judicial Academy here.
Refuting charges that the Commercial Courts Act, 2015, is Draconian, Justice T. Raja said, “People in other countries were thinking how far our investments in India would give us returns. In India, the judicial system is very slow. To give confidence to foreign investors many laws were made... The Commercial Courts Act, 2015 is a message to foreign countries that if you invest money in India and a dispute arose, don’t worry, the matter will be solved. The Act says if a suit is filed before the subcourt [of the Madras High Court], the pecuniary jurisdiction is between ₹3 lakh to ₹25 lakh... To make a special forum for commercial disputes, this forum has been created. This [Act] takes care of not just the big fish, but also small traders.”
Coimbatore District Bar Association president R. Balakrishnan requested the authorities to constitute a circuit bench of the Madras High Court in Coimbatore.
Portfolio Judge for Coimbatore district D. Bharatha Chakravarthy said the Commercial Courts Act addresses the emotional aspects associated with the suit and the case management is better and faster, hence substantial judicial satisfaction can be achieved.
Madras High Court Justice P.D. Audikesavalu said, “The cases are disposed of expeditiously at the commercial courts. It is not how many cases are disposed of, but how fast.”
Madras High Court Justices K. Murali Shankar, M. Sundar, and S. Vaidyanathan, Chief Judicial Magistrate N. Sundaram, staff of the judiciary and advocates were present.