The Chambers Of Jangra & Associates - Delhi
About The Chambers Of Jangra & Associates
Firm provides best and speedy redressal services to Banks, Financial Institutions and ARC’s before DRT under SARFAESI Act, and helping in reducing the NPA’s by adopting proper mechanism as prescribed under the SARFAESI Act which includes sending a Demand/legal Notice, Filing application before CMM, CJM and DM U/s 14 of the ACT and by filing of Original Applications (OAs) in Debts Recovery Tribunals (DRTs) and defending Section 17 and appeals in Debts Recovery Appellate Tribunals (DRATs).
When would you need to recover debt?
From a loan, credit line or accounts receivable either in part or whole, when the debt cannot be recovered, it becomes bad debt. Additionally, when the enterprise or the asset that becomes owed to repay debt cannot do so anymore, there arises a need to recover debt.
Methods for Debt Recovery
There are a lot of methods to recover debt, some are classified as legal, while others are non-legal. Non-legal methods for recovery of debt may include the calling the client or customer for amicably or hiring commission agents for recovering debts. Legal methods of debt recovery include:
1) Civil Remedy: For civil remedy, an aggrieved party can send a legal notice to the debtor for initiating a civil suit for debts due or damages.
2) Criminal Remedy: An aggrieved can file an FIR in the local police station having jurisdiction over the matter, when the case is serious. Post the FIR a criminal case shall be filed and the proceedings will be set in motion.
3) Out of Court Settlements: For a quick and efficient way, under this category, the aggrieved party can resolve the dispute and recover money through mediation, arbitration or negotiation.
Procedure to Recover Debt
Debt Recovery Tribunals(DRT) and Debt Recovery Appellate Tribunals(DRAT) were established RDDBFI Act in 1993 for adjudication and for recovery of debts due to banks and financial institutions. Eventually, DRTs and DRATs were overburdened with cases and thus SARFAESI Act was passed for recovery of debt in time bound manner. And recently for recovery of debt and optimisation of assets, IBC was passed. Now, we will see the procedure of debt recovery under these three laws.
Contact The Chambers Of Jangra & Associates
| Address : | B-68 & 69 Bawa Gur Charan Singh Block, Tis Hazari Court, Delhi, 110054, India |
| Postal code : | 110054 |
| Website : | http://www.jangraandassociates.com/ |
| Categories : |
Law firm
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Rakesh Jangra on Google
★ ★ ★ ★ ★ |
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Ritesh Kumar on Google
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Himanshu Thakur on Google
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Mahesh Anand on Google
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Sachin Arora on Google
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Jaylaxmi Kontham on Google
★ ★ ★ ★ ★ DONT WORK HERE. They do partiality between girls and boys. had a really bad experience here after an interview in their Mumbai office.
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