President Issues Ordinance to Establish 'Commercial Court' for Quick Settlement of Disputes
The President has issued an ordinance providing for the establishment of a 'Commercial Court' for the first time in the country with the aim of settling business and commercial disputes in the fastest possible time. The notification of this ordinance was issued from the President's office on Friday (January 02) morning. As a result, long-pending commercial cases are expected to be resolved quickly and the business environment is expected to improve further.
New Pace in Legal Process
Until now, commercial disputes were tried in ordinary civil courts, which was a long-term and complex process. According to the new ordinance, separate courts will be formed to try commercial claims above a certain amount. Specialized judges experienced in commercial law and transactions will serve in these courts. This will reduce the backlog of cases and bring new momentum to the legal process.
Positive Impact on Investment
The absence of commercial courts often discouraged foreign investors. Delays in dispute resolution increase the cost of doing business and create uncertainty. Welcoming this initiative of the government, business leaders say it will play an important role in gaining the confidence of foreign investors. International companies will be more interested in investing in Bangladesh if there is a transparent and fast judicial system.
Long-standing Demand
Various business organizations, including FBCCI, have long been demanding the formation of separate commercial courts. According to them, disputes related to bank loans, breach of contract, and international trade hang in ordinary courts for years. Through the new court, it will be possible to solve these problems within a specified time. They expressed satisfaction as the government accepted this logical demand of businessmen.
Challenges in Implementation
Jurists believe that even if the ordinance is issued, some challenges remain regarding its successful implementation. Recruiting adequate judges, building infrastructure, and creating support staff are time-consuming matters. However, the Ministry of Law said that the court's activities would start by formulating rules within the shortest possible time. Special training will also be arranged for judges so that they can settle commercial disputes efficiently.
