Is someone not returning your money? Is your vendor not paying you? Did the cheque issued to you get bounced? Don't worry, we got you covered.
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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.
Procedure for money recovery
- The first step in the process of money 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.
Different means to recover your money
Send A Legal Notice
Once a defaulter receives the notice, he or she has 15 days to return the money. In which a complaint is registered with the court, or one can file an FIR with the police..
The quickest way to recover money will be ‘Order 37’ of the Civil Procedure Code, with Summary Suits, as it is based on written statements and it will speed up court proceedings
Negotiable Instruments Act
Under this act, there are provisions to recover debt or money for instruments like cheques, bills of exchange, etc,
A criminal case can be filed against the defaulter for recovering the debt under the Indian Penal Code, 1860.
Insolvency And Bankruptcy Code
A case for insolvency for debt collection will be submitted to the adjudicating authority. The plea should be either accepted or rejected within 14 days.