MONEY RECOVERY
DEFINITION
The collection of bad debts and outstanding receivables or dealing with bounced cheques can cause a huge degree of stress and distress to the affected party. To help an individual recover their debt, ACE ALLIANCE has a team of experienced debt collection attorneys and financial professionals who can help you with solutions to recover your money.
THE PROCESS AND MEANS FOR MONEY RECOVERY
- LEGAL NOTICE: Once a defaulter receives the legal notice, he or she will have 15 days to return the money. Once such a complaint is registered with the court, the aggrieved party can file a FIR with the police
- SUMMARY SUITS: The fastest way to recover money is via ‘Order 37’ of the Civil Procedure Code, with Summary Suits. Summary suits is based on written statements which help speed up court proceedings
- NEGOTIABLE INSTRUMENTS ACT: Under this act, there are provisions provided to recover debt/money for financial instruments such as cheques/bills of exchange etc
- CRIMINAL CASE: A criminal case can be filed against the defaulter to recover the debt under the Indian Penal Code, 1860
- INSOLVENCY AND BANKRUPTCY CODE: A case for insolvency for debt collection can be submitted to the adjudicating authority. Such a plea must be accepted or rejected within 14 days.
ACE ALLIANCE will provide you with expert lawyers from our team to help you recover your money or debt. The first legal draft will be shared with you within three days. Our lawyers at ACE ALLIANCE will then send a notice on your behalf to the defaulting party. Our team will also help you choose the best legal case option(civil/criminal) to pursue.