Introduction Artho Rin Adalat Ain 2003 covers the matters regarding recovery of loans by financial institutions. These matters are regarded as matters of civil natures. Only financial institutions as well as banks can file cases against the borrower under this Act. Loan-receivers/ borrowers cannot file cases against the financial institutions or banks under this Act. It is a special type of law and it has been enacted only to early recovery of bad loans of the financial institutions and the banks. How participants will benefit after the course: Participants will know how to recover the stuck-up / classified loans and advances. Procedure in 2003. Thereafter, the ADR provisions were incorporated into the Artha Rin Adalat Ain (Money Loan Court Act), 2003 (as amended in 2010), the Labour Act, 2006, the Income Tax Ordinance, 1984 (as amended in 2011) and some other laws relating to taxation and labor. ![]() Also they will know what they should do and also about the remedies. New customer or regular borrower of the financial institutions and banks will be alert about repayment of the loans and be careful about not to be a defaulter borrower. Law students or Advocates who have interest to know about this law, will know how to file the cases in the court and about the steps which to be taken in the cases filed under this Act. Methodology Interactive Lecture, PowerPoint Presentation, Question and Answer Session. Matters regarding recovery of loans by financial institutions are covered by this statute. This is apparent from the preamble of this statute given at the very beginning of this Act prior to section 1 and also from the section 5. Please note that, these matters are regarded as matters of civil nature (section 11(5) of ARAA). Irrespective of Public Demand Recovery Act (PDRA) 1913, if the loan is recoverable under ARAA then it has to be recovered using the Artha Rin Adalat no matter whether this loan is considered as 'Public/Government Loan' [section 5(5) of ARAA]. However, cases involving claims by Bangladesh Krishi Bank and Bangladesh Krishi Unnoyon Bank and other state-owned financial institutions not exceeding the amount of taka 5 lacs can be filed as certificate case using the PDRA 1913 instead of filing in Artha Rin Adalat [section 5(5) of ARAA]. Black optical tulsa. If there are special provisions for recovering loan by financial institutions established by special law, then the ARAA provisions will be counted as additional to those provisions. However, if that financial provision files a case in Artha Rin Adalat for recovering loans, then the ARAA will be applicable [section 5(6) of ARAA]. Loans recoverable by this statute: Loans given to the Government by the following institutions [section 2Ka (12-17)] are not recoverable by the Artha Rin Adalat: International Finance Corporation Commonwealth Development Corporation Islamic Development Bank Asian Development Bank International Bank for Reconstruction and Development International Development Association However, appropriation of money by the officers or employees of a financial institution cannot be entertained with this act (section 18(1) of ARAA). Mortgage suit for sale or foreclosure of immovable property in pursuant to section 67 of The Transfer of Property Act 1882 and Order XXXIV of CPC has to be filed in the Artha Rin Adalat and the procedures laid down in CPC and ARAA have to followed in combination, so far as it is possible under section 5(2) of ARAA. The loan-receiver cannot file a case against the financial institutions under this statute. Neither he can counterclaim or put any claim of set off against the financial institution while filing the written statement (section 18(2) of ARAA).
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