Staff Reporter :
Law Commission opened the first draft of the ‘Commercial Dispute Settlement Act, 2018’ for receiving opinions from all type of stockholders. After the preparation of the first draft in May 2018, a copy of it has been sent to different ministries, banks, financial institutions and persons concerned with the judiciary for their opinion, sources said.
The law commission also released the draft in its website on December 30 last year and gave an email address to place opinion over it
Section-21 of the draft law prescribed provision to settle a dispute within 120 working days after filing of the arbitration. Expenses of the cases filed under this act have to be borne by the defeated party, according to the Section-22(1).
According to the Section-6 of the draft law, one aggrieved party can file a dispute of Tk 10 million or more than the amount in the ‘Commercial Dispute Settlement Tribunal’.
Section-20(1) and 20(2) said, “The tribunal shall announce the verdict within 7 (seven) working days of the final hearing or the conclusion of the argument in the case. A signed copy of the judgment shall be provided to both parties without any cost and will be published on the website of the tribunal.”
Except for the provisions of this act, any proceeding, order, judgment or decree of this tribunal cannot be raised to any court or any other authority and no remedy cannot be sought from any court or authority, according to the Section-23 of the draft.
Aggrieved party is entitled to file appeal petition against a verdict or decree or order of the tribunal with the ‘Commercial Dispute Settlement Appellate Tribunal’ that would be formed that would be consisted with three members and presided by a sitting or retired judge of the High Court division, according to the Sections-29(1), 29(2) and 30.
Section-32(1) of the draft said aggrieved party is entitled to file appeal petition against a verdict or decree or order of the ‘Commercial Dispute Settlement Appellate Tribunal’ with the Appellate Division of the Supreme Court.
The parties have the opportunity, subject to the permission of the court, to settle the case or the dispute through a compromise at any stage of the trial procedure, according to the Section-33 of the draft.
