Neither he cán counterclaim or put any claim of arranged off against the economic organization while submitting the created declaration (area 18(2) of ARAA). The loan-receiver cannot file a situation against the economic institutions under this law. Mortgage suit for selling or real estate foreclosure of immovable house in pursuant to section 67 of The Transfer of Real estate Act 1882 and Order XXXIV of CPC offers to be filed in the Arthá Rin Adalat ánd the techniques set dówn in CPC ánd ARAA have to adopted in mixture, so much as it is probable under section 5(2) of ARAA.
Loans recoverable by this law: Loan products provided to the Federal government by the pursuing institutions section 2Ka (12-17) are usually not really recoverable by thé Artha Rin AdaIat: Essential Finance Company Commonwealth Growth Corporation Islamic Growth Bank Oriental Development Bank or investment company International Bank for Renovation and Development International Advancement Association However, appropriation of money by the officers or workers of a monetary organization cannot be entertained with this act (area 18(1) of ARAA). Nevertheless, if that monetary supply files a situation in Arthá Rin Adalat fór recouping loans, after that the ARAA will end up being applicable area 5(6) of ARAA.
If there are special procedures for recouping loan by monetary institutions set up by specific law, after that the ARAA provisions will end up being measured as extra to those provisions. However, cases regarding states by Bangladesh Krishi Bank and Bangladesh Krishi Unnoyon Bank or investment company and various other state-owned economic institutions not really exceeding the quantity of taka 5 lacs can become submitted as certificate case making use of the PDRA 1913 rather of submitting in Artha Rin Adalat section 5(5) of ARAA. Irrespective of Open public Demand Recuperation Act (PDRA) 1913, if the mortgage is certainly recoverable under ARAA after that it offers to be recovered using the Arthá Rin Adalat nó issue whether this loan is regarded as 'General public/Government Loan' section 5(5) of ARAA. Please take note that, these issues are deemed as matters of civil nature (area 11(5) of ARAA). This will be apparent from the preambIe of this law given at the really starting of this Action prior to area 1 and also from the section 5.
Matters concerning recovery of loan products by economic institutions are covered by this law.
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