The Firm is handling debt recovery services in India for Foreign Clients & international debt recovery services for Indian Companies. The list of the Clients of the firm include Exporters, Insurance Companies, Suppliers, Bankers and financial institutions, Law Firms etc., The Firm has a strong experience in serving international clients to collect their receivables in India from Indian Parties. The Firm handles each case as per the international debt recovery practices.
The Firm has its own offices in Delhi, Mumbai & Chennai. But India is a big country having hundreds of cities from where importers are operating from. But the Firm has tied up with Law Firms having debt recovery experience in all the 25 States of India. Hence, the Firm can afford to offer the said services within reasonable costs across India.
The debt recovery mechanism has different phases. Many of the debtors come forward to settle the dues if there is a proper follow up from the firm. Hence, at the first instance, the Firm first makes its efforts to establish contact with the key persons of the debtor company and try to complete the collection process without resorting to legal processes. In many cases, the parties enter a settlement deed and decide the payment schedule also.
In case, amicable settlement strategy is not working in a specific case, the firm shall move to the next level of debt recovery. The next level of the debt recovery process is to issue a demand notice under the applicable laws of India. There are different applicable laws including Code of Civil Procedure 1906, Arbitration and Conciliation Act,1996, Companies Act, Insolvency and Bankruptcy Code, 2016 etc., This notice shall put the defaulter/ debtor under notice prior to the initiation of potential legal proceedings. Some of the debtors realize the initiation of the creditor to initiate legal proceedings for recovery and come forward to settle the disputes between the parties.
The most popular debt recovery mechanism In India is Insolvency and Bankruptcy Code 2016. After its introduction in the year 2016, Registered Companies fear for an insolvency notice and come forward to settle the dues. Even though such a notice is not a recovery proceeding, in the field of debt collection it is used as an effective weapon to bring the debtors to settlement. In case of the opposite party not paying the demanded amount, the operational/ financial creditor can initiate Insolvency proceedings against the debtor by filing an application before the National Company Law tribunal. In most of the matters, parties come and settle the matter before it gets its logical conclusion.
If contract between the parties has an arbitration clause seated in India, arbitration can be initiated and conducted in India. If the clause provides for an international arbitration clause the recovery can be done through enforcement of award in India, after conducting the arbitration in the specified seat. If the seat of Arbitration is a signatory of New York Convention on Recognition and Enforcement of Foreign awards 1956, then that award can be enforced in India. If the award is from a country that is not a signatory to New York Convention, then again a civil suit is required to be filed based on the said award. But India being a Model Law Country, arbitration and its related litigations give effective remedy.
If there is no arbitration clause in the contract, then the recovery can be made through civil proceedings. Civil cases in India take longer time than rest of the developed world. In India, an original side civil case will take about 2-3 years for finding a logical conclusion.
In certain cases, there may be causes by which we can initiate criminal actions also. But the firm advises not to resort to criminal action unless and otherwise no other remedy is available.
The Firm does not have a fixed fee policy for recovery cases. The Firm can customize the fee schedule as per the requirements of each of the client. In case of Companies, the fee schedule can be fixed as per the lawyer fee policy that is prevailing in that company.
For Corporate Enquiries please contact: firstname.lastname@example.org
Skip & continue
In Compliance with Indian Regulations, Kindly Review the User Acknowledgement and Disclaimer below and then Proceed.
By proceeding further and clicking on the "ACCEPT" button herein below, I acknowledge that I of my own accord wish to know more about Law Senate (LS) for my own information and use. I further acknowledge that there has been no solicitation, invitation or inducement of any sort whatsoever from Law Senate (LS) or any of its members to create an Attorney-Client relationship through this website. I further acknowledge having read and understood the Disclaimer below
This website (www.lawsenate.com) is a resource for informational purposes only and is intended, but not promised or guaranteed, to be correct, complete, and up-to-date. Law Senate (LS) does not warrant that the information contained on this website is accurate or complete, and hereby disclaims any and all liability to any person for any loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or any other cause.
Law Senate (LS) further assumes no liability for the interpretation and/or use of the information contained on this website, nor does it offer a warranty of any kind, either expressed or implied. The owner/Partners of this website do not intend links from this site to other internet websites to be referrals to, endorsements of, or affiliations with the linked entities. Law Senate (LS) is not responsible for, and makes no representations or warranties about, the contents of Web sites to which links may be provided from this Web site.
This website is not intended to be a source of advertising or solicitation and the contents of the website should not be construed as legal advice. The reader should not consider this information to be an invitation for a lawyer-client relationship and should not rely on information provided herein and should always seek the advice of competent counsel licensed to practice in the reader's country/state. Transmission, receipt or use of this website does not constitute or create a lawyer-client relationship. No recipients of content from this website should act, or refrain from acting, based upon any or all of the contents of this site.
Furthermore, the owner of this website does not wish to represent anyone desiring representation based solely upon viewing this Web site or in a country/state where this website fails to comply with all laws and ethical rules of that state. Finally, the reader is warned that the use of Internet e-mail for confidential or sensitive information is susceptible to risks of lack of confidentiality associated with sending email over the Internet.