New Delhi, May 3 (KNN) Very soon the commercial disputes in India can be resolved quickly, as the Cabinet has given its nod to an ordinance to amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act.

During the Cabinet meeting on Wednesday the ordinance was approved which would pave way for faster disposal of disputes to improve India’s World Bank ranking in ease of doing business.

Law minister Ravi Shankar Prasad told reporters that the Union Cabinet approved an ordinance to amend the commercial courts act.

A related bill is pending in Parliament. The amendments seek to bring down the specified value of a commercial dispute to Rs 3 lakh from the present Rs 1 crore to be taken up by these courts to bring down pendency and ensuring early resolution of cases through designated commercial benches.

The new law would bring down the time taken from the present 1,445 days in resolution of commercial disputes of lesser value.

The amendment also provides for establishment of commercial courts at district judge level for the territories over which the High Courts in Chennai, Delhi, Kolkata, Mumbai and Himachal Pradesh have ordinary original civil jurisdiction.