Oberoi Law Chambers is a leading law firm in India in the sphere of debt recovery.
The debt recovery mechanism at the firm has different phases. Many of the debtors come forward to settle the dues if there is a proper follow up from the firm. Hence, at the first instance, the Firm first makes its efforts to establish contact with the key persons of the debtor company and try to complete the collection process without resorting to legal processes. In many cases, the parties enter a settlement deed and decide the payment schedule also.
In case the amicable settlement strategy is not working in a specific case, the firm shall move to the next level of debt recovery. The next level of the debt recovery process is to issue a demand notice under the applicable laws of India. There are different applicable laws including Code of Civil Procedure 1906, Arbitration and Conciliation Act,1996, Companies Act, Insolvency and Bankruptcy Code, 2016 etc., This notice shall put the defaulter/ debtor under notice prior to the initiation of potential legal proceedings. Some of the debtors realize the initiation of the creditor to initiate legal proceedings for recovery and come forward to settle the disputes between the parties.
