Artha Rin Adalat Ain 2003
The Artha Rin Adalat Ain 2003 was enacted to help the Financial Institutions such as Banks to recover the defaulted loans. Before enactment of the said Act ordinary money suits was not effective to recover the defaulted loans for the financial institutions due to the long disposal period. Artha Rin Adalat Ain 2003 has been amended in 2007 and 2010. In this article we have discussed the basic features of the said Act.
The Artha Rin Adalat Ain 2003 contains VIII Chapters and 60 Sections.
Applicability of the Law: The act shall be applicable for recovery of loans given by the financial institutions. Artha Rin Adalat Ain 2003 is a special law and the provisions of this act shall prevail over any other law in this regard.
Establishment of Court: According to Section 4 of the said act Government has established Artha Rin Adalat in every district for trial of suits and carrying out the purposed of other matters related to this act. A Joint District Judge shall be the Judge of the Artha Rin Adalat and shall be addressed as Judge, Artha Rin Adalat.
Power & Jurisdiction of the Court: According to Section 5 the Artha Rin Adalat Ain 2003, Artha Rin Adalat shall be deemed to be a Civil Court and it shall have all powers and jurisdiction of a civil court.
Procedure for Trail: According to Section 6 the Artha Rin Adalat Ain 2003, in the proceedings of trial of any suit under the said Act the relevant provisions of the Code of Civil Procedure 1908 shall apply subject to not being inconsistent with the provisions of the said Act.
- A suit under this act shall be instituted by presenting a Plaint by the financial institution and an affidavit shall be enclosed with the Plaint is support of the statement of the Plaint and relevant documents shall be submitted with the Plaint.