Only financial institutions not anyone can file a case under the the ARAA for recovery of debts. Now, funded liability, so far I understand it. The Artha Rin Adalat Ain is related to the loan recovery process. Section 19 of the Act deals with the process for a loan defaulter’s. Section 37(1) of the Artha Rin Adalat Ain, (also known as Money Loan Court Act, ) provides that subject to the provision of.
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Remedial provisions of Artha Rin Adalat Ain
This principle has been incorporated in the Article 27 of Bangladesh Constitution. In the instant case, admittedly no property was mortgaged by the principal debtor-loanee but the property was mortgaged by the petitioner. Code of Civil Procedure for issuing a sale certificate in his favour in order to enable him to repay the decretal amount by selling one of the mortgaged properties situated at Gulshan.
However, you can challenge the order in the Appellate Division by filing a leave to appeal. Some important procedural provisions: Sections 19 and 41 —. Badruzzaman J Arthx Rahman Md. Civil 1 LNJ This Act under Section 19, gives right to the borrowers to redress grievances against judgment and decree, whether ex-parte or contested.
Remedial provisions of Artha Rin Adalat Ain 2003
On the question of removal the name of Bangladesh House Building Finance Corporation from the definition clause of Artha Rin Adalat Ain,it is found that the Appellate Division pronounced the judgment on i. Because of fault and arbitrariness, the plaintiff bank suffered loss, if any, the defendants cannot be made liable for such loss.
The client went to the apex court and received order of stay for 3 months. Act VIII of Bangladesh 16 MLR You are welcome and thank you too for the inspiration. As there is an Artha Rin Adalat, staying auction means the Artha Rin Court can further proceed to take necessary action without selling the properties before judgement or decree. Rule 58 of Order XXI of the Code of Civil Procedure requires an executing Court to investigate the claim or objection of an objector as if he was a party to suit.
To find out more, including how to control cookies, see here: Sections 20 and 19 —. Aminullah and others……………………Appellants Vs. Thus, there is no illegality or impropriety in the impugned order of the learned Judge of Artha Rin Adalat No. The Adalat by exercising its discretion under order XXI, rule and of the Code entertained the application and after delivery of possession of the schedule property to the petitioner-auction-purchaser, the Adalat has not become functus-officio.
Please note that, these matters are regarded as matters of civil nature section 11 5 of ARAA. So, there is no legal mandate to stop or dismiss the Artha Rin suit if the trial of the same be not concluded within the period of 90 days and further extended period of 30 days. It cannot be said that Order XXI, rule 37 of the Code is identical with the provision laid down in section 34 of the Ain of Section 34 is not dependent upon section With the object to circumscribe said defaulted culture of the borrowers some deterrent provisions like sections 19,41,42,44, including 34, have been incorporated in the Act VIII of which is absolutely within the wisdom and domain of the legislature.
However, if there is any irregularity in the sale, then the defendant can claim damages from the financial institution [section 12 8 of ARAA]. Proceedings under Artha Rin Adalat Ain may be initiated only after expiry of this period or when the borrower fails to pay the loan amount as per order of the court. The rule is made absolute.
Neither he can counterclaim or put any claim of set off against the financial institution while filing the written statement section 18 2 of ARAA. But the above judgement was not only stayed operation of the auction process but also stayed all necessary action of the bank which is not in fin with the spirit of the law, equity, justice and good conscience.
Fill in your details below or click an icon to log in: Respondents In both cases Judgment October On examination of the said application it appears that there in no illegality in the said application rather it has win filed in consonance with the provision of the section 34 1 of the Ain. After hearing the parties learned Sub-ordinate Judge by his judgment a. These remedial provisions, they point out, deal with ratha defaulter borrowers disproportionately and irrationally.
All Words Any words Exact Phrase. Respondent Judgment July 8, Ershad’s JP to lead opposition in parliament again. Who is a defaulter of loan? Sections 28 337 and 60 3 —.