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Test: The Commercial Courts Act, 2015 - Judiciary Exams MCQ


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25 Questions MCQ Test - Test: The Commercial Courts Act, 2015

Test: The Commercial Courts Act, 2015 for Judiciary Exams 2024 is part of Judiciary Exams preparation. The Test: The Commercial Courts Act, 2015 questions and answers have been prepared according to the Judiciary Exams exam syllabus.The Test: The Commercial Courts Act, 2015 MCQs are made for Judiciary Exams 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: The Commercial Courts Act, 2015 below.
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Test: The Commercial Courts Act, 2015 - Question 1
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What is the primary objective of the Commercial Courts Act of 2015?

Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 1
The primary objective of the Commercial Courts Act of 2015 is to expedite the resolution of commercial disputes. By establishing specialized commercial courts at the district level and in the High Court, the Act aims to streamline dispute resolution processes, incorporating methods such as arbitration and pre-institution mediation to achieve faster resolutions.
Test: The Commercial Courts Act, 2015 - Question 2
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What is the significance of a "Commercial Dispute" under the Commercial Courts Act of 2015?

Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 2
A "Commercial Dispute" under the Commercial Courts Act of 2015 involves disputes valued at Rs. 3 Lakhs or more. This threshold triggers the requirement for mandatory pre-institution mediation by Legal Services Institutions, showcasing the Act's emphasis on resolving commercial disputes efficiently before formal litigation.
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Test: The Commercial Courts Act, 2015 - Question 3
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Why does the Commercial Courts Act of 2015 prioritize efficiency and limit appeals against court orders?

Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 3
The Commercial Courts Act of 2015 prioritizes efficiency and limits appeals against court orders to expedite dispute resolution processes. By emphasizing swift resolution and reducing the duration of litigation, the Act aims to streamline commercial dispute resolution and ensure timely outcomes for parties involved.
Test: The Commercial Courts Act, 2015 - Question 4
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What factor is crucial for deciding the appropriate forum for hearing a case as per the specified value under Section 12 of the Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 4
The total amount sought to be recovered in the suit or application plays a vital role in determining the specified value under Section 12 of the Act. This value not only influences the choice of forum for hearing the case but also impacts the application of pre-institution mediation or settlement as per section 12A of the Act.
Test: The Commercial Courts Act, 2015 - Question 5
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What is the criteria for determining the specified value in cases related to Recovery of Money as per Section 12 of the Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 5
In cases involving the Recovery of Money as outlined in Section 12 of the Act, the specified value is determined by considering the total amount sought to be recovered in the suit or application, including any interest accrued up to the filing date. This criterion is essential for establishing the financial scope of the case and plays a crucial role in legal proceedings.
Test: The Commercial Courts Act, 2015 - Question 6
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How is the specified value calculated for Intangible Property or Right according to the Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 6
When it comes to Intangible Property or Right, the specified value is determined based on the market value estimated by the plaintiff for the intangible property or right. This valuation method ensures that the intangible assets or rights involved in the legal matter are appropriately considered in terms of their worth and significance.
Test: The Commercial Courts Act, 2015 - Question 7
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What is one of the key aspects outlined in the Act regarding the establishment of commercial courts?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 7
The Act provides provisions for the establishment of commercial courts at both the district judge level and the High Court level. State governments, in consultation with the High Court, have the authority to establish multiple commercial courts at the district judge level and appoint judges and staff as necessary. This decentralized approach enables efficient adjudication of commercial disputes at different levels.
Test: The Commercial Courts Act, 2015 - Question 8
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What authority does the High Court have under the Act in relation to commercial matters?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 8
The Act grants the High Court the authority, under the direction of the Chief Justice, to establish commercial divisions within the High Court and designate benches for adjudicating commercial matters. This specialization within the High Court system allows for focused expertise in handling commercial disputes and ensures efficient resolution of such matters.
Test: The Commercial Courts Act, 2015 - Question 9
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What role does the Commercial Appellate Court serve under the Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 9
The Commercial Appellate Court established under the Act serves the purpose of hearing appeals against orders issued under this legislation. This appellate body plays a crucial role in reviewing decisions made by lower courts in commercial matters, ensuring due process and proper application of the law in resolving disputes.
Test: The Commercial Courts Act, 2015 - Question 10
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What type of disputes fall under the jurisdiction of the commercial court?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 10
The jurisdiction of the commercial court covers commercial disputes of specified value within its territorial jurisdiction, focusing on resolving issues related to business and trade between parties.
Test: The Commercial Courts Act, 2015 - Question 11
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In what scenario does the Commercial Division of High Court handle disputes?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 11
The Commercial Division of High Court extends its jurisdiction to disputes of specified value within its pecuniary or territorial jurisdiction, which would otherwise fall under a court not subordinate to a High Court. It particularly focuses on matters within the pecuniary jurisdiction of the High Court in its ordinary civil jurisdiction.
Test: The Commercial Courts Act, 2015 - Question 12
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When does the Bar to Jurisdiction under the Act apply?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 12
The Bar to Jurisdiction under the Act comes into effect in cases where another statute expressly or implicitly prohibits civil action, indicating limitations on the jurisdiction of the court system in handling certain legal matters.
Test: The Commercial Courts Act, 2015 - Question 13
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What is the value threshold specified in Section 12A of the Act that mandates parties to attempt mediation before initiating legal proceedings?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 13
Section 12A of the Act mandates that parties must attempt mediation before initiating legal proceedings if the dispute's specified value is Rs. 3,00,000 or more. This provision highlights the emphasis on alternative dispute resolution methods for efficient and effective conflict resolution.
Test: The Commercial Courts Act, 2015 - Question 14
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According to Section 12A, how long does the authorized Authority have to complete the mediation process from the date of application by the plaintiff?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 14
As per Section 12A, the authorized Authority must complete the mediation process within three months from the date of application by the plaintiff. This timeframe can be extended for up to two months with the consent of the parties involved, ensuring a timely resolution process.
Test: The Commercial Courts Act, 2015 - Question 15
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What is the legal status and effect of a settlement reached during pre-institution mediation under Section 12A of the Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 15
A settlement reached during pre-institution mediation under Section 12A holds the same status and effect as an arbitral award on agreed terms under the Arbitration and Conciliation Act, 1996. This means that the settlement carries legal weight and is binding upon the parties involved, similar to an arbitral award, ensuring the enforceability of the agreed terms.
Test: The Commercial Courts Act, 2015 - Question 16
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What is the fee amount that a party to a commercial dispute must submit along with an application to initiate the mediation process, according to Rule 3 of the Commercial Courts (Pre-Institution Mediation and Settlement) Rules, 2018?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 16
According to Rule 3 of the Commercial Courts (Pre-Institution Mediation and Settlement) Rules, 2018, a party to a commercial dispute must submit an application along with a fee of Rs 1000 payable to the Authority to initiate the mediation process. This fee is crucial for initiating the mediation proceedings and is a standard requirement in such cases.
Test: The Commercial Courts Act, 2015 - Question 17
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What action will the Authority take if the opposite party does not respond to the initial notice?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 17
In the scenario where the opposite party does not respond to the initial notice sent by the Authority, a final notice will be issued by the Authority. This final notice serves as a follow-up to the initial communication and is intended to prompt a response or further action from the non-responsive party before the Authority takes additional steps in the dispute resolution process.
Test: The Commercial Courts Act, 2015 - Question 18
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What is the timeframe within which the Authority aims to complete the mediation process for pre-institution mediation?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 18
The Authority aims to ensure that the mediation process for pre-institution mediation is completed within three months from the receipt of the application. This timeframe is set to facilitate a timely and efficient resolution of commercial disputes through the mediation process, promoting swift and effective outcomes for the parties involved.
Test: The Commercial Courts Act, 2015 - Question 19
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According to the rules for mediation, what action should the Mediator take if a settlement is not reached within the specified time or if a settlement is deemed impossible?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 19
If no settlement is reached within the specified time or if the Mediator believes that a settlement is not possible, the Mediator must submit a report to the Authority, explaining the reasons in writing. This step is crucial for ensuring transparency and documenting the efforts made during the mediation process, providing clarity on why a resolution could not be achieved.
Test: The Commercial Courts Act, 2015 - Question 20
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What is the mandated time period for resolving cases heard by the commercial appellate court and the commercial division of the High Court, as per Section 14 of the Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 20
Section 14 of the Act stipulates that cases heard by the commercial appellate court and the commercial division of the High Court should be resolved within a period of six months from the date of filing the appeal. This provision aims to ensure expeditious trials and timely resolutions of commercial disputes, promoting efficiency and effectiveness in the legal system.
Test: The Commercial Courts Act, 2015 - Question 21
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Which provision in the Act asserts the overriding effect of the Act, ensuring that its provisions prevail over conflicting provisions in other laws?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 21
Section 21 of the Act establishes the overriding effect of the Act, indicating that its provisions supersede any conflicting provisions in other laws. This provision, known as a non-obstante clause, serves to prioritize the objectives and mandates of the Act, preventing potential delays in the adjudicatory process caused by contradictory statutes or codes. It reinforces the Act's authority and ensures consistency in its application across commercial dispute resolution processes.
Test: The Commercial Courts Act, 2015 - Question 22
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Why is Section 21 considered a crucial provision in the Commercial Courts Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 22
Section 21 of the Commercial Courts Act is crucial because it asserts the overriding effect of the Act. This provision ensures that the provisions of the Act supersede any conflicting provisions in other laws. By including a non-obstante clause, the Act's objectives are protected from being hindered by invoking contradictory statutes or codes, which could potentially delay the adjudicatory process and justice for the aggrieved parties.
Test: The Commercial Courts Act, 2015 - Question 23
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What significant advancements does the Commercial Courts Act bring to the realm of commercial dispute resolution?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 23
The Commercial Courts Act brings significant advancements to commercial dispute resolution by introducing specialized courts and incorporating alternative dispute resolution mechanisms like arbitration and mediation. These measures aim to enhance the efficiency of resolving commercial disputes, leading to improvements in the ease of doing business. By expediting case disposal and streamlining the adjudication process, the Act offers a more straightforward pathway to dispute resolution, ultimately benefiting businesses and stakeholders.
Test: The Commercial Courts Act, 2015 - Question 24
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What is one of the primary advancements brought about by the Commercial Courts Act in the realm of commercial dispute resolution?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 24
One of the primary advancements introduced by the Commercial Courts Act is the establishment of specialized courts tailored for commercial disputes. These specialized courts aim to expedite the resolution process by leveraging specific expertise in commercial matters, thereby enhancing the efficiency and effectiveness of resolving such disputes.
Test: The Commercial Courts Act, 2015 - Question 25
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What potential challenge does the post-pandemic business landscape pose to the efficacy of the Commercial Courts Act?
Detailed Solution for Test: The Commercial Courts Act, 2015 - Question 25
The post-pandemic business landscape poses a potential challenge to the efficacy of the Commercial Courts Act due to the anticipated surge in commercial disputes. As businesses continue to recover from the economic impact of the pandemic, there is a likelihood of an increase in conflicts and disagreements, testing the Act's capacity to effectively manage and resolve a higher volume of cases.
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