74% of people in India have problems recovering money back from their borrowers.
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After providing the required data our team will send you the first draft of the debt recovery notice. Feel free to reach out to us for iterations.
Our lawyers will issue a notice, and if necessary, options such as a civil or criminal case will be considered.
We frequently come across cases where the person who borrowed the amount fails to return or repay the money within the time frame specified. As a result, the lender party has a number of legal options to pursue against the defaulter party. Filing a lawsuit for money back under the Civil Procedure Code is one of the procedural acts that an individual can perform within a certain period of time. It starts with sending a debt recovery notice to the corresponding person. Vakilsearch has a team of experienced debt collection attorneys and financial experts who can provide personalised solutions to help you recover what's in your possession.
The Debts Recovery Appellate Tribunals (DRATs) was launched under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993 for providing expeditious adjudication and debts recovery due to Banks and Financial Institutions.
Filing a legal notice for recovery of money lawsuit is an effective remedial action to recover money from violators. The lawsuit can be brought under Ordinance IV of the Civil Procedure Code of 1908. This is a summary prosecution (Article 37, Civil Procedure Code) that allows the case to be resolved quickly because the defendant does not need to defend himself in a reasonable manner.
A document that serves as proof of a person granting money to the defaulter is sufficient to establish the debt recovery through debt recovery agency. On-demand payments, online banking, contracts or other payments made in this way are considered proof of loan. In addition, any document, message, contract, mail, telephone conversation, or post can be used in court to prove the debt.
Every lawsuit must begin with a plaint. The plaint describes the facts of the case as well as the amount claimed, including any interest. An affidavit proving the facts must be filed with each plaintiff. The following information has to be present in the complaint:
After receipt of the notice, the nonpayer has 15 days to hand back the money. In which a complaint is filed with the court, or a FIR is filed with the police.
According to the Order 37 of the Civil Procedure Code summary judgments are the fastest way to recover money because it is based on printed declarations and speeds up court records.
This Act contains provisions for recovering debt or money for instruments such as cheques, bills of exchange, and so on.
According to the Indian Penal Code of 1860, a criminal action can be taken against the bankrupt to recover the debt.
The contracting debt collection agency will be presented with an insolvency record for debt collection. Within 14 days, the plea should be accepted or rejected.
Summons: A summon is a document issued by a court that summons a person to appear before a judge or judicial officer for the purpose of identification. After reviewing the plaint and its jurisdiction, the Court issues a summons, which is duly served on the defendant within 30 days of the suit's filing.
Written statement: This is a reply filed in response to the claimant's complaint. The defendant must file a written statement defending it before the first hearing or within 30 days of receiving the summons. The respondent must raise new issues in their favour or file a lawsuit in reply to the claimant's request in the written statement. According to the agenda, the petitioner is accountable for paying the court costs. If the petitioner does not pay the court fees, no action will be taken.
The Application of a Decree: The last step after getting a court order against another person is to comply with that order. The process by which a person goes to court to enforce their sentence is called coercion. Execution proceedings enable the enforcement of a court order or the giving effect to a court of law's judgement. When the judgement debtor accepts relief under the judgement, decree or order, the execution ends.
Vakilsearch has expert lawyers who can draft a money recovery notice for debt settlement and debt collection with the help of a debt collection agency. Our experts can complete the process immediately and provide you with the first draft and help you with its iterations. Having a robust debt recovery agency can effectively help in debt recovery and immediate debt settlement.
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