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Section 12 of The Commercial Courts Act 2015: Determination of Specified Value

(1) The Specified Value of the subject-matter of the commercial dispute in a suit, appeal or application shall be determined in the following manner:-

(a) where the relief sought in a suit or application is for recovery of money, the money sought to be recovered in the suit or application inclusive of interest, if any, computed up to the date of filing of the suit or application, as the case may be, shall be taken into account for determining such Specified Value;

(b) where the relief sought in a suit, appeal or application relates to movable property or to a right therein, the market value of the movable property as on the date of filing of the suit, appeal or application, as the case may be, shall be taken into account for determining such Specified Value;

(c) where the relief sought in a suit, appeal or application relates to immovable property or to a right therein, the market value of the immovable property, as on the date of filing of the suit, appeal or application, as the case may be, shall be taken into account for determining Specified Value; 1 [and]

(d) where the relief sought in a suit, appeal or application relates to any other intangible right, the market value of the said rights as estimated by the plaintiff shall be taken into account for determining Specified Value; 2 * * * 3* * * * *

(2) The aggregate value of the claim and counterclaim, if any as set out in the statement of claim and the counterclaim, if any, in an arbitration of a commercial dispute shall be the basis for determining whether such arbitration is subject to the jurisdiction of a Commercial Division, Commercial Appellate Division or Commercial Court, as the case may be.

(3) No appeal or civil revision application under section 115 of the Code of Civil Procedure, 1908 (5 of 1908), as the case may be, shall lie from an order of a Commercial Division or Commercial Court finding that it has jurisdiction to hear a commercial dispute under this Act.

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1. Ins. by Act 28 of 2018, s. 10 (w.e.f. 3-5-2018).

2. The word "and" omitted by s. 10, ibid., (w.e.f. 3-5-2018).

3. Clause (e) omitted by s. 10, ibid., (w.e.f. 3-5-2018).

Commercial Courts Act 2015

Section 2 Definitions

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 17 Collection and disclosure of data by Commercial Courts, Commercial Appellate Courts, Commercial Divisions and Commercial Appellate Divisions

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

Section 22 Power to remove difficulties

Section 23 Repeal and savings

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