10 Top Rated Debt Recovery Lawyers in India near you
Many a times we lend money to our colleagues or relatives or a friend in need, with good intentions, the amount is not paid back. Maybe you have paid for a product or a service but were met with no product or bad product/service basically your hard earned money gone to waste. There are many measures you can take to get your money back, we have your back.
What is a Debt Recovery lawyer?
Either of the case, whether you are seeking to recover your money or owe someone else money, and are desperately looking out for the best way to pay or settle the amount, a debt collection attorney will offer you the needed sound advice and counsel. Our legal professionals will assist you in determining the best course of action for repayment, and might work favorably and reach a settlement of financial relief.
What can a Debt Recovery lawyer do?
An experienced debt recovery lawyer will start with informing you about your rights and duties as per law. He will give you necessary legal counsel and advice on what steps you could possibly take. He will also draft legal notices for your claim and represent you throughout. Pre-legal collection including lettering, telephone debt collection, and trace and collect. Legal collection including County Court proceedings, mediation services, defended legal actions, enforcement, negotiation and advocacy.
What is Debt Recovery Law in India?
Recovery of money/debt in India may turn out to be an excruciatingly difficult task. Why? Because of the presence of a plethora of laws, and successfully deciding which law is applicable on what pretext can be an even challenging feat. One primary problem which all banks in India are facing currently is the issue of recovery and overdue of respective loans. The cause behind this may vary for different financial organizations and companies as it relies upon the particular nature of loans.
The Negotiable Instruments Act: It is applicable in the cases of dishonour of cheques under Section 138 of the Act or dishonour of any other bill of exchange or promissory note. Legal notice is issued and proceedings are initiated in case of no payment.
Indian Penal Code: A case can be lodged under Section 420 for Cheating or misappropriation of funds/money. For that a FIR must be lodged in a police station of eligible jurisdiction.
SARFAESI Act: This Act is only applicable to cases of debt recovery by banks or financial institutions to borrowers.
Debt Recovery Laws
The laws applicable for recovery of money in Indian jurisdiction are as follows:
- Indian Contract Act, 1872
- Negotiable Instruments Act, 1881
- Code of Civil Procedure, 1908
- India Penal Code
- Insolvency and Bankruptcy Code, 1905
- Recovery of Debts Due to Banks and Financial Institutions (RDDBFI Act), 1993
- Securitisation & Reconstruction of Financial Assets & Enforcement of Security
- Interest (SARFAESI) Act, 2002
- Arbitration and Conciliation Act, 1996
Who is affected Under Debt Recovery Law?
There can be two or more parties involved depending upon the scenario, for starters if you a bank and have lent out loans, if you owe money to the bank, if your lent money to a friend/colleague/relative and they have not paid back, and lastly if you are in bad debt and owe money to a person.
Why do you need a Debt Recovery Advocate?
The Statute laws are scattered, varied and complex for debt recovery in India. For the affected persons to positively tackle the recovery problem while binding with the law can be quite challenging. You will most definitely require some legal aid to ease your process. He will make you aware about your rights and cater the best legal counsel after analyzing your issue. From drafting a notice to representing you in front of a court, he will push your claim and work to get the best settlement possible.
How do I hire a Debt Recovery Law lawyer?
In the digital world you can buy/rent/hire almost anything and anyone. Hiring an Advocate near you is tedious to just think about. Where to begin where to stop, networks, reviews etc. At Vkeel, we solve this problem and make the best, highly rated Property Advocates near you accessible at the tip of your touch. So fret not!
Why Vkeel?
Vkeel has shortlisted one of the best established Debt Recovery advocates/lawyers to consult from for all issues ranging from sending legal notices to recovering your money. Debt recovery can get complicated, but do not lose faith just yet. Our lawyers understand the importance of effective legal strategy and will design the most efficient plan for your suit.
- Perks of Using Vkeel
- Expert & experienced Advocates
- Instant Access to Consultation
- One to One Consultation
- Cost Effective/Affordable
- Plethora of options
- Confidential and Reputed
- Varied legal services- documents, drafting, notices etc.
