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What is Lok Adalat Loan Settlement Process about?

Lok Adalats provide a mechanism for settlement of loan disputes through compromise rather than lengthy legal proceedings. Key aspects include: 1) Lok Adalats have jurisdiction to determine settlements between parties and arrive at compromises for disputes over loan accounts classified as NPA. 2) Composition includes retired judges, judicial officers, legal professionals, and social workers to act as conciliators. 3) Settlements carry the weight of civil court decrees and are binding, with no right to a

Author

G S Ravindra

Language

EN