Lex Point

Protecting Public Money.

Significance of the Artha Rin Adalat Ain, 2003.

Banks are the custodians of the public money. People generally deposit their money to the Banks for proper investment and transaction. Therefore, Banks lend and invest this Money to the Borrowers. Thus, the Banking transaction goes on.
But sometimes the problem arises when some borrowers become defaulters of repayment of the borrowed money and the Banks fall in a critical situation. For that reason, a proper legal process is highly required for the recovery of the money. And thinking the matter, the Government has enacted a special law in 2003 for the proper and speedy realization of the money from the defaulter borrowers. This special law is called the Money Loan Court Act, 2003 (popularly known as Artha Rin Adalat Ain).

This law has some special features. For Example, the Banks can file a suit against the defaulter borrowers but the Borrowers can not file any suit against the Banks under this special law. The Banks cannot file a case against their employees under this law for misappropriation of fund.
In the Corporate Sector, the special knowledge in this special law has an extensive significance. If this law is well-understood, it will certainly contribute to your Institutions. It is most important not only for the employees but also for the employers of all types of banking and Non-banking financial institutions.