You can take both civil and criminal action to recover your money with the help of expert debt recovery advocates . You can also opt for outside Court settlements.
Civil remedies: It includes sending notice to the debtor and filing a complaint to initiate civil proceedings under Negotiable Instruments Act, Civil Procedure Code or Insolvency and Bankruptcy Code.
Criminal remedies: The first step to obtain a criminal remedy is to lodge a F.I.R. in a police station of appropriate jurisdiction.Once sufficient evidence has been gathered on record, a criminal suit can be initiated under Indian Penal Code for quick disposal of matter.
- Outside Court Settlements: For high monetary value contracts, the best way is to settle differences and cut off loses through alternative dispute mechanisms such as Arbitration or Mediation. This is a method which is most effective against corporates as the matter can be resolved very expeditiously without furthering the loses they’d normally have to bear without having to resort to the tedious court process.