IBA has finally agreed that they are not having any authority on the functioning on the banks including agreement, complaints, legal matters and others. They have released a circular in this regard for all the banks & financial institution dated 30-09-2019.
This IBA Circular dt. 30-9-2019 clearly says that it has no obligation, no responsibility, no accountability, not answerability to courts. Hence, all the agreements made by them are seems null and void. (Not mentioned in the circular).
The clarification in this regard has come from the IBA's legal advisor on 30th Sept in details the functioning of the IBA.
The circular has also cleared that the IBA is not at all party in any of the legal complaint or litigation related to any banking matters. Now, I wonder whether 11th Bipartite Wage Settlement also come under this or not.
IBA is not amendable to writs for the reason of not being Government body. The details Circular can be read here.
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11th Bipartite