KATHMANDU: The Supreme Court (SC) has given green signal to the government to establis the much-awaited commercial benches that specifically deal with modern business and financial cases.
In its administrative decision on Wednesday, the apex court allowed the government to establish four such benches each at the appeal courts in Biratnagar, Patan, Butwal and Nepalgunj. The decision was taken in response to a government request for the permission earlier this week.
"Now the government can establish four benches by publishing a notice in the gazette," said Hemanta Rawal, co-spokesperson of the Supreme Court.
The need of such benches was first realized in 2005 when the gravity of bank defaulters´ cases first came to the fore. Global financial institutions like the World Bank pushed the idea of such benches over time by providing necessary financial support for required infrastructures.
The benches, which are equivalent to the regular appeal courts, will look into cases related to the Company Act, Insolvency Act, Secured Transaction Act, Competition Promotion and Market Protection Act, which aimed at ensuring a conducive and credible business environment, said Supreme Court Justice Anup Raj Sharma, who headed a SC committee formed to prepare a proposal to establish the benches in 2007.
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