The Parliamentary Standing Committee led by EMS Natchiappan has obtained the views of Kolkata-based chambers of commerce and companies on the proposed judicial mechanism for the disposal of high-value commercial disputes.

Based on the feedback, the standing committee is planning to submit its report shortly to the Government, Natchiappan told reporters here.

The Centre has planned to introduce a new legislation to establish the mechanism -- The Commercial Division and Commercial Appellate Division of High Courts and Commercial Courts Bill, 2015 -- in the next session of Parliament.

The Bill is envisaged to expedite the disposal of commercial disputes worth Rs 1 crore and above. The Government proposes to set up exclusive commercial divisions in various courts in the country based on the recommendations of the 253rd Report of the Law Commission.

The commission has recommended the establishment of commercial courts and commercial divisions as well as commercial appellate divisions in high courts.

The Standing Committee on Personnel, Public Grievances, Law and Justice is also currently seeking the opinion of political parties.

Natchiappan said the visiting committee members also had the views of three regional parties – Trinamool, RSP and Forward Bloc -- on the proposed reforms to build a consensus on a Constitutional Amendment for simultaneous holding of Lok Sabha and all State Assembly elections.

The Election Commission has suggested realignment of the elections. Natchiappan said if the cycle of simultaneous elections could be re-established, the nation could save at least Rs 4,500 crore in one go.

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