Debt Recovery Services
Debt can make or break financials for any corporate. To ensure liquidity and floatation, any organisation must have regimen at place which will ensure that their debts are realized and that they do not turn bad. For debt recovery, organisation can deploy several methods depending upon the nature of the debt, such as:
- If the debt is securitised and issued by a notified banking/financial institution, then debt recovery can be ensued as per Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) 2002 before a Debt Recovery Tribunal (DRT).
- If debt is non-securitised and issued by a notified banking/financial institution, then debt recovery can be ensued through The Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI), 1993 before Hon’ble Debt Recovery Tribunal (DRT).
- If it is debt secured by a Negotiable Instrument such as a Cheque, then upon the dishonor of such Cheque, debt recovery can be ensued as per The Negotiable Instruments Act, 1881.
- If it is dishonor of any electronic transfer, in such cases recovery can be ensued as per The Payment and Settlement Systems Act, 2007.
- If it is a simpliciter and an ascertained Debt, then debt can be recovered as per Order XXXVII of Code of Civil Procedure, 1908 (Summary Suit).
- If it is simpliciter and an unascertained Debt, then debt can be recovered as simpliciter Suit for recovery.
LexOracle consists of dedicated team of experienced Debt Recovery lawyers. Our Debt Recovery is efficient, targeted and we help in ensuring the liquidity and quicker debt turnover of our clients. Based on our vast experience and acquired skills, we help in identifying the best mode of Debt Recovery for monies payable and ensure that our clients have confidence in trading, extending credit to suppliers / buyers, ramp up their revenue, reduce recovery risk and thus, grow and expand their businesses.