S.J. Kathawalla, J.

The present Review Petition has been filed by the Petitioner seeking a review of the Judgment dated 27th February, 2019 passed by this Court in Axis Bank Limited vs. Mira Gehani & Ors.,2019 SCCOnlineBom 358

2. Subsequent to the Judgment being delivered, the Petitioner filed a Praecipe dated 7th March, 2019, which read as under :

"1. By an order dated 20th August, 2018, this Hon'ble Court framed the following question of law :

"Whether in view of the amendment to the Code of Civil Procedure, 1908 by a Commercial Court, Commercial Division and Commercial Appellate Division of High Court's Act, 2015 (4 of 2016), the Defendant can be allowed to file the Written Statement after 120 days from the date of service of Writ of Summons in a Commercial Suit".

2. Pursuant to the above mentioned Order, this Hon'ble Court was pleased to decide the above issue by an Order dated 27th February, 2019.

3. In this regard, the Defendant seeks to approach this Hon'ble Court for speaking to the minutes to the said Order dated 27th February, 2019 to the extent that contention of the Defendant with respect to the provisions of the CPC, 1908 as amended by the Commercial Courts Act not being applicable to a commercial dispute below a stipulated specified value is left open."

3. On the Praecipe, the following order came to be passed by this Court on 8th March, 2019 :

"XXX

2. Though the contention of the Defendant finds place in Clause 5.25 to 5.32 of the Written submissions, no arguments were advanced qua the same. The learned Advocate appearing for the Defendant states that he had made oral submissions towards the end. My notings speak otherwise. In view thereof, the question of speaking to the Minutes as sought does not arise. However, the Defendant may move an Application seeking Review."

4. The present Review Petition has therefore been filed pursuant to the liberty granted by this Court in the above order. According to the Petitioner, in the Judgment, this Court did not decide a limited contention of the Petitioner viz. that the amendments introduced to the Code of Civil Procedure, 1908 ("CPC") by the Commercial Courts Act, 2015 ("Commercial Courts Act") are only applicable to a Commercial Dispute of a Specified Value and not commercial disputes not of a Specified Value. Section 2 (i) of the Commercial Courts Act prescribes that the Specified Value in respect of a commercial dispute shall not be less than Rupees Three Lacs.

5. In the present Suit, the Plaintiff has determined the Specified Value of its suit at Rupees Twenty Thousand i.e. below the Specified Value as prescribed under the Commercial Courts Act.

6. In view of the above, the question of law being decided by this Order is whether the amendments introduced to the CPC by the Commercial Courts Act apply to Commercial Disputes not of a Specified Value but nonetheless heard by a Commercial Division in view of the proviso to Section 7 of the Commercial Courts Act.

7. It is clarified that the present Order is restricted to only answering the question of law recorded in paragraph 6 above and disposal of Notice of Motion (L) No.2118 of 2018. Necessary orders will therefore have to be passed on the other applications seeking condonation of delay at the time of hearing of each of such application on its own merits.

8. For adjudication of the question of law as above, it would be necessary to briefly set-out the legislative background leading to the enactment of the Commercial Courts Act as also certain relevant provisions thereof :

8.1. The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Ordinance, 2015 was promulgated on 23rd October, 2015. Subsequently, the Commercial Courts Act was enacted on 31st December, 2015 and is deemed to have come into force from 23rd October, 2015.

8.2. The Commercial Courts Act came to be enacted pursuant to the recommendations made by the Law Commission of India in its 188th Report and 253rd Report.

8.3. The primary