LEGAL RECOVERY

Indian Legal system encompasses varied legal provisions for recovery of debts by the Banks and Financial Institutions as follows: –

  • Summary suits under Order XXXVII of the Code of Civil Procedure, 1908.
  • Ordinary suits for recovery, under Civil Law.
  • Original Applications to be filed by Banks and Financial Institutions before Debt Recovery Tribunal for debt not less than Rs. 10 lakhs, under Recovery of Bank Due to Banks & Financial Institutions Act, 1993 (DRT Act).
  • Action under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (Securitization Act).
  • Arbitration proceedings under Arbitration & Conciliation Act 1996, for recovery of outstanding amount as under Arbitration Agreement / clause in the loan documents, in cases where the Recovery of Debts due to Banks and Financial Institutions Act, 1993 is not applicable.
  • Initiation of criminal action in addition to civil proceedings for prosecution and punishment as per the Indian Penal Code and other laws where debt is also tainted with fraud, cheating, misfeasance etc.
  • Filing of criminal complaint under Section 138 of Negotiable Instruments Act, 1881 for dishonor of any cheque issued by borrower to the bank in discharge of legally enforceable liability.

CONTACT US

Mumbai

Mumbai C/o Parsiana, K. K. (Navsari) Chambers, 39B, Ground Floor,
Opp. St. Cathedral School side entrance, Amrit Keshav Nayak Road, Fort,
Mumbai 400001.
Landline: 022- 2207 4336
Mobile: 9167 004 264 Email: [email protected]

Navi Mumbai

Navi Mumbai No 61,
Thapar Complex, Sector 15,
Near Arcee Electronics, Behind New CBD Belapur Court,
CBD Belapur 400614
Mob: 9987 517 492 Mob: 8652 7792 58 Email: [email protected]

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