Federal and local courts shall have the jurisdiction, according to the rules of jurisdiction set forth in the Civil Procedure Law, to adjudicate on the disputes arising out of the application of this law and shall decide on the applications submitted thereto in accordance with the provisions hereof. In addition, the competent judicial authority may designate the courts having the jurisdiction to adjudicate on the disputes arising out of the application of this law and to decide on the applications submitted thereto in accordance with the provisions hereof. One or more courts or divisions shall be established within the said courts and shall be vested with the jurisdiction to adjudicate on such disputes and applications. Such a court or division, as the case may be, shall be referred to as the Bankruptcy Court.
Interpretation and application must be checked against the official text and current version.