Enacted and brought into forced on the 3rd May 2018. It has brought about important changes to commercial litigation in India with prospective effect. It has brought about the following changes:
- Commercial Courts to entertain pecuniary claims above Rupees Three Lakhs. The Act has increased the application of Act by lessening the pecuniary limits from Rupees One Crore to Rupees Three Lakhs.
- Pre-institution mediation compulsory except in cases where urgent interim relief required.
- Name of the Act has been changed from ‘Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015’ to ‘Commercial Courts Act, 2015’.