+91 7738 0716 11
+91 7738 0716 11Remedies against harassment by Recovery Agents
by: Adv. Kishan Dutt Kalaskar 2021-02-18 07:12:13
by: Adv. Kishan Dutt Kalaskar 2021-02-18 07:12:13
by: admin 2021-02-12 07:34:18
by: Admin 2021-02-04 07:13:42
by: Adv. Kishan Dutt Kalaskar 2021-02-03 11:47:51
by: Adv. Kishan Dutt Kalaskar 2021-01-25 14:10:26
by: Adv. Kishan Dutt Kalaskar 2021-01-14 12:43:56
Remedies against harassment by Recovery Agents
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Overview of the Vehicle Scrappage Policy
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Admissibility of E-evidence; Are WhatsApp chats and E-mails admissible in Court?
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Types of Stamp Paper
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Employees Provident Fund
Status of Triple Talaq
Contract Farming & the new ordinances that affect the Farmers
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Section 138, 141 and 142 of the Negotiable Instrument Act 1881
Validity and Enforceability of Click-wrap Agreements
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Oppression and Mismanagement
Fraudulent and Invalid Contracts
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The consumer is the King in 2020
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Child Labour Laws in times of Covid-19
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Rent deference during the Pandemic
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The Negotiable Instrument Act 1881
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Basic Elements of Transfer of Property Act, 1882
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Child Labour
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Annulment of Marriage
Probate
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Debt Recovery provisions under the SARFAESI Act
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Role of lawyers in Corporate Finance
Intestate Succession
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Validity of Notices.
Response to a Legal Notice
Promotion of Medical Products.
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Misdiagnosis: A Medical Negligence?
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Duty of patient to avoid aiding Medical Negligence
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Rafale Deal And All About The Controversy
By: admin
Date:16 March 2020
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Likes:0India is currently facing an economic slowdown. Businesses are facing a significant cash crunch in the market. From demonetization to situations like the spread of Coronavirus to the mishap of Yes bank has made the current scenario worse. India is facing a period of recession where a country faces economic decline and is generally accompanied by a steep drop in the stock market and an increase in unemployment.
Due to such circumstances, the creditors, debtors, businessman, and professionals are dealing with inadequate cash flow in the market. In such a scenario, lending someone money becomes a huge deal. Moreover, after the money is lent, recovery of the same becomes an inevitable issue. The one who has lent money should make sure that the money is recovered from the latter only through legal means. Therefore due to the current happenings, it is crucial to understand the ways through which a person can legally recover his debt. One of the easiest and most appropriate means is to send legal notice to recover the debts.
Debt Recovery Legal Notice
A debt recovery legal notice is intimation between two people, one warning the other, before a legal action is initiated to clear their dues clear. A legal notice can also be sent to a friend, in case, if he/she owes you money. A legal notice will help you to recover the money from a debtor by not getting involved in litigation. Notices are a secure and faster mode to recover money. However, it is essential that before drafting a notice, all its elements are understood by an individual.
Essentials of a Legal Notice
Need for a Debt Recovery Notice
There are various relationships in which a need for debt recovery notice may arise:
The Indian economy is going through a cash crunch, mainly because of the defaulters of the loan. The government has created measures to recover the money circulated through debt. The SARFAESI Act was introduced with the sole purpose to recover the debt through a separate judicial body. The debt recovery tribunal formed in every state to resolve debt-related issues begins by sending a legal notice to the defaulter for recovering the amount. Sending a legal notice always helps, as it gives the receiver an appropriate amount of time to reply and settle the amount.
An employer who is deprived of a legitimate salary by a company can send a legal notice. He/she can also take action under different laws which are made for the protection of the employees. When an employer sends a legal notice, he/she should take care of all the legalities and should also mention the appropriate reason for such an action.
Post-dated cheques which are kept as security deposits are sometimes bounced due to the non-availability of funds. Under such a situation, the drawee can send a legal notice for the recovery of money within 30 days from the date of receipt with the return memo from the bank.
Conclusion
Sending a legal notice is helpful in those situations, where an individual does not want to get involved in the court cases. The matters are settled outside the court if a reply is sent to the received notices. Both the sender and the receiver can benefit from such a facility. Legal remedies for the recovery of money are mentioned under Order 37 of The Code of Civil Procedure, 1908. However, the sender is advised to hire a professional to draft a legal notice. A properly draft legal notice helps in the recovery of money in a faster manner.
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