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When debt cannot be recovered, either in part or whole, it becomes bad debt. In pursuance of recovering the debt, seeking legal remedies becomes crucial. The law in imran nagar, vapi provides various legal remedies to recover the debt owed.
What the law says
There are multiple legal remedies available to recover the debt. The two prominent Acts of the legislature in this regard are the RDDBFI Act(Recovery of Debts Due to Banks and Financial Institutions, 1993) and the SARFAESI Act(Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest, 2002). Debt Recovery Tribunals(DRT’s) are approached by banks and financial institutions ( directly under the RDDBFI Act or indirectly under SARFAESI Act) for debt recovery.
Apart from this, Under Insolvency and Bankruptcy Code, 2016, the NCLT can be approached by the creditor to recover the dues from the defaulting debtor when the debtor has become insolvent.
As a civil remedy, a suit for recovery of dues or damages can be filed. Besides that, a summary suit for speedy recovery can also be filed in the civil court. When there are serious cases, an F.I.R. can also be lodged against the debtor. Meanwhile, some people also resort to Alternative Dispute Mechanisms to recover their alleged dues.
How can we help
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Victims of debt recovery
The creditors of debts have to invest a lot of time and keep patience to recover the debts from the defaulter debtors as they have to exhaust all the remedies available until finally the recovery is made. When the amount owed is huge, it is not just a loss to the creditor but even affects the country’s economy as well, causing collateral damages.
Why do you need a lawyer
While you are great at doing your business, lawyers are good at theirs. They know the law and thus while you do your business, they make sure that you are not met with any legal inaccuracies. They make your work easier and hassle-free in terms of legal facet.
Why hire a lawyer through lawtendo
Lawtendo believes in professionalism. Getting the right lawyer for you is a tedious task and if your problems go into the wrong hands, it can lead to causing multiple damages further. We at lawtendo make sure that you engage with the lawyer that suits best interests. Having a network of 5000+ lawyers who specialize in their respective fields of law, you can contact us and be assured that your legal problems are well taken care of.