BANKING AFFAIRS

Detailed explanation-1: -i) No Court Fee is involved. iii) Lok Adalat to settle banking disputes involving amount up to Rs. 20 lakh. iv) It can take cognizance of any existing suit pending in Civil Court/DRT Court.

Detailed explanation-2: -The jurisdiction of the Permanent Lok Adalats is upto Rs. Ten Lakhs. Here if the parties fail to reach to a settlement, the Permanent Lok Adalat has the jurisdiction to decide the case. The award of the Permanent Lok Adalat is final and binding upon the parties.

Detailed explanation-3: -A Lok Adalat shall have jurisdiction to determine and to arrive at a compromise or settlement between the parties to a dispute in respect of: Any case pending before any court; or. Any matter which is falling within the jurisdiction of any court and is not brought before such court.

Detailed explanation-4: -Lok Adalat institutions help banks to settle disputes involving account in “doubtful” and “loss” category, with outstanding balance of Rs. 5 lakh for compromise settlement under Lok Adalat. Debt recovery tribunals have been empowered to organize Lok Adalat to decide on cases of NPAs of Rs. 10 lakh and above.

Detailed explanation-5: -A Lok Adalat shall have jurisdiction to determine and to arrive at a compromise or settlement between the parties to a dispute in respect of: Any case pending before any court, or. Any matter which falls within the jurisdiction of any court and is not brought before such court.