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. 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 shall be deemed to be a Civil Court and it shall have all powers and jurisdiction of a civil court.