(1) The Specified Value of the subject-matter of the commercial dispute in a suit, appeal or application shall be determined in the following manner:—
(a) where the relief sought is for recovery of money, the money sought to be recovered including interest, if any, computed up to the date of filing of the suit or application, shall be taken into account;
(b) where the relief relates to movable property, the market value of the movable property as on the date of filing of the suit shall be taken into account;
(c) where the relief relates to immovable property or to a right therein, the market value of the immovable property, as on the date of filing of the suit shall be taken into account;
(d) where the relief relates to any other intangible right, the market value of the said rights as estimated by the plaintiff shall be taken into account.
(2) The aggregate value of the claim and counterclaim, if any as set out in the statement of claim and the counter-claim, shall be the basis for determining whether such suit or application shall be heard by a Commercial Court or Commercial Division.
Legal Commentary & Landmark Judgments: Section 12
Section 12 of the Commercial Courts Act, 2015 provides the statutory methodology for determining the 'Specified Value' of the subject-matter in commercial suits, appeals, and applications.
Where the defendant contests valuation, the Commercial Court is required to decide the preliminary issue of Specified Value expeditiously before embarking on trial.
In suits for injunctive relief concerning trademarks or copyrights, plaintiffs must state the market value of the commercial right in the plaint. Where the defendant contests valuation, the Commercial Court is required to decide the preliminary issue of Specified Value expeditiously before embarking on trial.