Under which laws can I take an action to recover my money?

Recovery of money in India can be a very difficult task at times, and deciding as to which law will be applicable even more. Thus, it is advisable that you hire an expert debt recovery lawyer in India to recover your money. The laws applicable are:

  • Negotiable Instruments Act: It is applicable in cases of dishonour of cheques under Section 138 of the Act or dishonour of any other bill of exchange or promissory note. Legal notice is issues and thereafter proceedings are initiated in case of non-payment.

  • Code of Civil Procedure: A summary suit for recovery of money can be instituted under Order 37 to ensure speedy disposal of cases.

  • Indian Penal Code: A case can be lodged under S/420 for Cheating or misappropriation of funds. FIR must be lodged in a police station of appropriate jurisdiction.

  • SARFAESI: This Act is only applicable to cases of debt recovery by banks or financial institutions to borrowers.

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