Money Recovery

Collecting bad debts and outstanding receivables, or dealing with bounced cheques can cause distress. To help you recover your debt, Vakilsearch has a team of experienced debt collection attorneys and financial professionals who can provide tailor-made solutions to recover what is rightfully yours.

The procedure for money recovery

  • The first step in the process of debt recovery will be to a send a legal notice to the defaulter.
  • If you still don’t receive the payment, you can go for one of these options; Summary Suits, Negotiable Instruments Act, Criminal case or Insolvency and Bankruptcy Code.
  • Our expert lawyers will guide you through the process to help you decide the best option.

What are the different means to recover your money?

Send a legal notice

You can send a legal notice to the defaulter. Once the person receives the notice, he or she has until 15 days to make the payment to you. If they fail to do so, a complaint can be registered with the court in the prescribed format or file an FIR.

Summary Suits

The best and quickest way to recover money and end court proceeding will be Order 37 of the Civil Procedure Code. With the summary suits, both the parties can avoid trial hearing, as the proceedings will be based on written statements. This will drastically reduce the time taken from filing to judgment.

Negotiable Instruments Act

Under negotiable instrument act, there are provisions to recover debt or money for instruments likes Cheques, Bills of Exchange, etc. For example, if your cheque got bounced, you have 30 days of the receipt of information by you from the bank to send a legal notice to the drawer of the cheque. So if the drawer fails to make the payment, within 15 days of the receipt of the notice, you can make a complaint in the court within 30 days.

Criminal case

We can help file a criminal case against the defaulter for recovering the debt under the Indian Penal Code, 1860. You can either record an instance of criminal breach of trust or cheating and dishonest misappropriation.

Insolvency and Bankruptcy Code

A case for insolvency for debt collection will be submitted to the adjudicating authority (NCLT in case of corporate debtors). The plea should be either accepted or rejected in 14 days. For the completion of the insolvency resolution process, a maximum time limit has been set for individuals and corporates.

Why Vakilsearch

4 Business Days

At Vakilsearch, we can deliver all your documentation requirements in just four working days. And if you're not totally satisfied, we'll take another couple of days to work on the modifications you need. All at the lowest price, both online and offline.

9.1 Customer Score

We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.

160 Strong Team

Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.