FAISALABAD: Engineer Hafiz Ihtasham Javed President Faisalabad Chamber of Commerce & Industry (FCCI) has welcomed the constitution of commercial courts in five major districts of Punjab and said that it will help in attracting maximum investment through speedy resolution of business related conflicts.

In a statement issued today, he said that in Faisalabad hundreds of commercial cases are laying pending in different courts while FCCI was also contributing its humble role in resolving business related conflicts through arbitration. He said that delay in the settlement of cases discourage investors which have a negative impact on the overall business climate. He said that under commercial courts ordinance-2021 dedicated commercial courts will be established in Faisalabad, Lahore, Gujranwala, Rawalpindi and Multan.

He said that an e-filing facility will be introduced for initial filing of an application in case of any commercial dispute which would be resolved through commercial courts positively within maximum 180 days.

He further said that this ordinance would also streamline the processes for commencing a lawsuit while trained and specialized commercial court judges would be appointed to head these courts.

He hoped that these courts would accept only commercial cases and all pending cases already pending in other courts would be shifted to the commercial courts for their expeditious hearing and settlement. He said that commercial courts will be invested with powers to settle the cases even in the absence of applicants and defenders as per law.

Engineer Hafiz Ihtasham Javed has specifically thanked Mian Aslam Iqbal Provincial Minister for industries and proposed that a commercial court in Faisalabad could be established in M3 industrial city or in FCCI complex where movement of business community is maximum.—PR

Copyright Business Recorder, 2021