Kolkata, June 16 (IANS): The Parliamentary Standing Committee on Law and Justice on Tuesday batted for a new bill that proposes setting up commercial divisions in all high courts and district-level commercial courts in all states for speedy resolution of commercial litigations.

Interacting with media persons here, committee chairman E.M.S. Natchiappan said once the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015, was passed and implemented, it will result in fast-tracking commercial litigation.

On a two-day visit to the state, the committee held discussion with representatives from public sector undertakings, banks, chambers of commerce and members from the legal fraternity, on the issue.

"One of the issues that we are facing is companies and individuals making investment in the country are calling for expediting resolutions of their legal issues. Pendency of cases and other legal issues often act as hiccup for the industry.

"But when the proposed law is implemented, it will result in expediting the resolutions of their legal issues and the industry will not have any hiccup on the legal front.

"Early resolution of commercial disputes will create a positive image among the investors about the Indian legal system," said Natchiappan.

The bill provides for setting up commercial courts in the districts by the state government in consultation with the high court concerned and to constitute a "Commercial Division" in all high courts having ordinary original civil jurisdiction.

The minimum pecuniary jurisdiction of the commercial courts and the commercial division is proposed to be Rs.1 crore.

"In this regard we held discussions with several public sector undertakings, banks, and chambers of commerce. We also visited the Calcutta High Court and held talks with bar members, representatives from the Legal Services Cell and also got inputs from Chief Justice Manjula Chellur on the issue," said Natchiappan.

The committee would hold such talks across the country discussing pros and cons of the proposed law.