DEBT COLLECTION & RECOVERY
Legajoist team has rich experience in advising clients on recovery & collection laws. We provide inputs and assist in preparing a debt collection and recovery strategy for each case. We have strong team to handle litigation related to recovery and collection including complaints in the Court for dishonor of cheque, proceeding for taking possession of security under securitization (SARFESAI ACT), recovery suits and summary suits, arbitration and petition under arbitration and conciliation Act, bankruptcy filing.
Pursuant to drawn out strategy, we, on a best effort basis, will initiate and drive Debt collection and recovery exercise from the defaulting account. Within the regulatory framework, the Firm undertakes various types of activities in order to collect and recover overdue amount from the defaulting customer of the clients. While discharging its functions, the firm shall act in a manner which is both legal and ethical, and shall not do or attempt to do anything, which would prejudice the reputation of the client organization.
We also work the out of Court settlement approach, which may sometimes make settlement much faster and is very effective for recovery process. Case wise approach will be undertaken to and the defaulting customer will be tracked down and visited. A proper action plan will be drawn on a case to case basis. The firm will also conduct negotiation, wherever necessary, with the approval of the client organization in order to settle the accounts. The out of court settlement may be carried out irrespective of legal action, if any, is initiated or not.