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The Central government in August 2004, has enhanced the monetary ceiling for referring cases for compromise settlement of dues of banks and financial institutions (FIs) using the forum of Lok Adalats to Rs 20 lakh as against Rs five lakh now.
The Lok Adalat scheme has been formulated in order to assist in reducing NPAs. Lok Adalat is a forum for settling banking disputes involving smaller amounts.The scheme includes all sticky accounts, both suit filed and non-suit filed accounts, which are in the “doubtful” & “loss” category, with an outstanding balance of Rs 20 lakh.
While no court fees is involved when fresh disputes are referred to the Adalat, it can take cognisance of any existing suit in court as well as look into and adjudicate upon fresh disputes.
If no settlement is arrived at through the Adalats, the parties can continue with the court proceedings. Decrees issued by the Adalats have legal status and are binding.
....Performance of PSU Banks in 2003: An ICRA Report
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