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Lawyers for Debt Recovery in B.t. Ganj, Roorkee

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 b.t. ganj, roorkee 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

Through lawtendo, you can hire a lawyer that best suits your interest. We make it easier for you to find a lawyer who is skilled and qualified so as to provide you with the best legal services. For hiring a lawyer who deals in debt recovery cases, contact lawtendo today.

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.

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