The civil courts were burdened with other businesses and such suits of banks consumed time for disposing of. When due for default, is realised through money suits, suits for foreclosure, mortgage by instituting the same to competent civil courts. Star Law analysis The Artha Rin Adalat Ain/2003: A review Syed Jahed Monsur In our legal system, money lent by financial institutions/banks to individuals, private limited companies, public limited companies, corporations, partnership firms, societies, co-operatives, proprietorship firms etc.
However, if that financial provision files a case in Artha Rin Adalat for recovering loans, then the ARAA will be applicable. 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, 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.
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'. Please note that, these matters are regarded as matters of civil nature (section 11(5) of ARAA). 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. Matters regarding recovery of loans by financial institutions are covered by this statute.
In a recent discussion on “Money Loan Court Act 2003” organised by the Association of Bankers, Bangladesh (ABB), the Governor of Bangladesh Bank. Within a short span of time, the law has gone under an amendment by the Artha Rin Adalat (Amendment) Ain, 2004 which reflects weak draft of the law.
It indicates that although Artha Rin Adalat Ain (Money Loan Court Law) 2003 is perceived as providing a strategic and procedural tool to recover. This article attempts to examine the problems and inefficiencies of the money recovery process in Bangladesh which is crucial to sustain the credit system in a developing country.
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