12. Determination of Specified Value.—(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 in a suit or application is for recovery of money, the money sought to
be recovered in the suit or application inclusive of interest, if any, computed up to the date of filing of
the suit or application, as the case may be, shall be taken into account for determining such Specified
Value;
(b) where the relief sought in a suit, appeal or application relates to movable property or to a right
therein, the market value of the movable property as on the date of filing of the suit, appeal or
application, as the case may be, shall be taken into account for determining such Specified Value;
(c) where the relief sought in a suit, appeal or application 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, appeal
or application, as the case may be, shall be taken into account for determining Specified Value; 1
[and]
(d) where the relief sought in a suit, appeal or application relates to any other intangible right, the
market value of the said rights as estimated by the plaintiff shall be taken into account for
determining Specified Value; 2***
3* * * * *
(2) The aggregate value of the claim and counterclaim, if any as set out in the statement of claim and
the counterclaim, if any, in an arbitration of a commercial dispute shall be the basis for determining
whether such arbitration is subject to the jurisdiction of a Commercial Division, Commercial Appellate
Division or Commercial Court, as the case may be.
(3) No appeal or civil revision application under section 115 of the Code of Civil Procedure, 1908
(5 of 1908), as the case may be, shall lie from an order of a Commercial Division or Commercial Court
finding that it has jurisdiction to hear a commercial dispute under this Act.