Debt Recovery Services
Expert legal assistance for efficient debt recovery through legal and non-legal methods
What is Debt Recovery?
Debt recovery is the process of pursuing payments of money owed by individuals or businesses. A debt is defined as an amount of money that is owed to a person or institution for funds borrowed. Debt recovery becomes necessary when the borrower does not repay the loan under the agreed terms and schedule.
Bad debt refers to money that a creditor must write off because the debtor has failed to fulfill their repayment obligations. When a creditor gives up on collecting a debt, they classify it as bad debt.
Collection Methods
Non-Legal Collection Methods
- Professional negotiation and communication
- Structured payment plans and settlements
- Out-of-court dispute resolution
- Mediation and arbitration services
Legal Collection Methods
Civil Remedies
- • Filing civil suits for debt recovery
- • Summary suits under Order XXXVII CPC
- • Money suits and recovery proceedings
- • Asset attachment and garnishment
Criminal Remedies
- • Cases under Section 138 NI Act
- • Dishonor of cheques proceedings
- • Criminal breach of trust cases
- • Fraud and misappropriation cases
Applicable Laws in India
Indian Contract Act, 1872
Governs contractual obligations and breach remedies
Negotiable Instruments Act, 1881
Deals with cheques, promissory notes, and bills of exchange
Code of Civil Procedure, 1908
Procedural law for civil suits and recovery proceedings
Indian Penal Code
Criminal provisions for fraud and breach of trust
Insolvency & Bankruptcy Code, 2016
Corporate insolvency resolution processes
RDDBFI Act, 1993
Recovery of debts due to banks and financial institutions
Get Legal Assistance
Need help with debt recovery? Our experienced legal team is here to assist you.