(1) All suits and applications, including applications under the Arbitration and Conciliation Act, 1996 (26 of 1996), relating to a commercial dispute of a Specified Value pending in a High Court where a Commercial Division has been constituted, shall be transferred to the Commercial Division.
(2) All suits and applications, including applications under the Arbitration and Conciliation Act, 1996 (26 of 1996), relating to a commercial dispute of a Specified Value pending in any civil court in any district or area in respect of which a Commercial Court has been constituted, shall be transferred to such Commercial Court:
Provided that no suit or application where the final judgment has been reserved by the Court prior to the constitution of the Commercial Division or the Commercial Court shall be transferred either under sub-section (1) or sub-section (2).
(3) Where any suit or application, including an application under the Arbitration and Conciliation Act, 1996 (26 of 1996), relating to a commercial dispute of Specified Value shall stand transferred to the Commercial Division or Commercial Court under sub-section (1) or sub-section (2), the provisions of this Act shall apply to those procedures that were not complete at the time of transfer.
(4) The Commercial Division or Commercial Court, as the case may be, may hold case management hearings in respect of such transferred suit or application in order to prescribe new timelines or issue such further directions as may be necessary for a speedy and efficacious disposal of such suit or application in accordance * [with Order XV-A] of the Code of Civil Procedure, 1908 (5 of 1908):
Provided that the proviso to sub-rule (1) of Rule 1 of Order V of the Code of Civil Procedure, 1908 (5 of 1908) shall not apply to such transferred suit or application and the court may, in its discretion, prescribe a new time period within which the written statement shall be filed.
(5) In the event that such suit or application is not transferred in the manner specified in sub-section (1), sub-section (2) or sub-section (3), the Commercial Appellate Division of the High Court may, on the application of any of the parties to the suit, withdraw such suit or application from the court before which it is pending and transfer the same for trial or disposal to the Commercial Division or
Commercial Court, as the case may be, having territorial jurisdiction over such suit, and such order of transfer shall be final and binding.
-------------------
*Subs. by s. 14, ibid., for "with Order XIV-A" (w.e.f. 3-5-2018)
Section 3 Constitution of Commercial Courts
Section 3A Designation of Commercial Appellate Courts
Section 4 Constitution of Commercial Division of High Court
Section 5 Constitution of Commercial Appellate Division
Section 6 Jurisdiction of Commercial Court
Section 7 Jurisdiction of Commercial Divisions of High Courts
Section 8 Bar against revision application or petition against an interlocutory order
Section 10 Jurisdiction in respect of arbitration matters
Section 11 Bar of jurisdiction of Commercial Courts and Commercial Divisions
Section 12 Determination of Specified Value
Section 12A Pre-Institution Mediation and Settlement
Section 13 Appeals from decrees of Commercial Courts and Commercial Divisions
Section 14 Expeditious disposal of appeals
Section 15 Transfer of pending cases
Section 16 Amendments to the Code of Civil Procedure, 1908 in its application to commercial disputes
Section 18 Power of High Court to issue directions
Section 19 Infrastructure facilities
Section 20 Training and continuous education
Section 21 Act to have overriding effect
Section 21A Power of Central Government to make rules