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Lok Adalats
What is a Lok Adalat in the context of Indian banking?
A Lok Adalat is an alternative dispute resolution forum established under the Legal Services Authorities Act, 1987, where disputes including those related to bank loans and recoveries are settled amicably outside the court system.
Under which section of the Legal Services Authorities Act, 1987 is the Lok Adalat constituted?
Section 19 of the Legal Services Authorities Act, 1987.
Under which Act are Lok Adalats established in India?
Lok Adalats are established under the Legal Services Authorities Act, 1987, which provides the statutory framework for their constitution and functioning.
What is the legal status of a Lok Adalat award under the Code of Civil Procedure?
It is deemed a decree of a civil court and is final.
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