Mumbai: To ensure that those who approach the court in commercial disputes “understand that the court does not play, and litigation is not a hobby,” The Bombay HC recently directed private companies to pay Rs 25 Lakh to those who were looking for orders.
“This is clearly an annoying and naughty process that does not need to waste the court time,” said Justice Gautam Patel on September 21, directed La Fines Financial Services Pvt Ltd to pay the amount within two weeks for the Multi Commodity Exchange of India Ltd (MCX) .
Failure to pay will bring 9% interest on the amount, he directs.
Financial services companies have submitted a special petition for HC commands before SC.
SC is scheduled to hear it on Friday.
HC is hearing the temporary application by La Fin who is looking for orders for MCX in the field that the exchange exceeds the time limit of 120 days to submit a written statement in response to the ‘commercial suits’ that has been institutionalized under the ‘commercial court law’.
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The attention that the lawsuit against MCX was originally submitted as a ‘regular setting’, which has no time limit.
Submission by the company “disabled” and “is clearly unfair,” said the High Court, added, “there was an initial error in the Plaintiff’s part in institutionalizing the lawsuit regularly.”