How to recover a debt from a Company?

Recovering a debt from a Company is facilitated easily if there exists a legal document. However, the other measures that you can take with the help of good debt recovery lawyers in India are:

  • Legal Notice: Sending a legal notice is generally the first step in initiation of any proceedings. A legal notice is the first step you can take to recover your money, thereby informing him legally that he is bound to pay  certain sum of money with interests in the stipulated time failing which the legal consequences may flow.

  • Consumer Protection complaint: You can lodge a complaint for consumer protection in a forum of appropriate jurisdiction for any such case. This is a very unique approach to debt enforcement mechanism as this is applicable only in cases where the aggrieved is a consumer.

  • Proceedings under Insolvency and Bankruptcy Code: A financial creditor can initiate proceedings under IBC, to recover money when a Company goes into liquidation and assets are sold to discharge liabilities.

  • Complaint to the Registrar of Companies: The next step an aggrieved can take after the legal notice is to file a complaint with the Registrar of Companies (RoC). The RoC upon receiving the complaint, based on the factual scenario and supporting evidence, sends a show cause notice to the company.


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