Artha Rin Adalat Ain 2003 Bangladesh Pdf Files
Artha Rin Adalat Ain 2003 English Version Pdf
Artha Rin Adalat Ain, 2003. Or to examine all the document and other relevant material file by other party. Existing procedure of ADR in Bangladesh. Mar 06, 2014 If a borrower files a suit against any Financial Institutions before the general court and the Financial Institution again files another Mamla before the Artha Rin Adalat, then the two suits shall not be heard analogously in any of the said court in spite of the fact that the suits have been arisen out of the same cause of action. 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.
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Ortho Rin Adalat Ain 2003 Bd
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.
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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]. 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). Hp. 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.