Uncertain cash flow is a major reason why many businesses close down in India. Many people also do not get their statutory dues like PF, Gratuity, Pension.
The main reason why most business owners & individuals do not want to go through the entire court process is due to the slow legal system. The person to whom money is owed is exploited into paying much more than he should be due.
ParthaSaarathi Disputes Resolution LLP is one of the best Law Firms in Navi Mumbai as we are equipped with the best Money Recovery lawyers in Navi Mumbai who deal in Summary suits, Cheque Bounce Cases, Filing FIR, Out of Court Settlements. We have the best advocate in Navi Mumbai handling this vertical for us.
ParthaSaarathi LLP through its consultations, alternative dispute resolution mechanisms, litigation provides the best possible practical customized solutions to money recovery problems in a fast & effective manner. We have solutions to every money recovery problem.
Let's have a look at some of the issues associated with money recovery and their legal solutions.
We start from a very simple thing like sending a legal notice and then escalate to filing a civil suit for recovery of debts due. This is the first step to start the legal process so that the opposite party starts to take the matter seriously
If the person who has to recover money is filing a civil suit before a court, he must file a Summary Suit under Order 37 of the Civil Procedure Code as those are heard and disposed off in a much more expedited manner.
Cheque Bounce Notice & Complaint
Filing the Civil Suit for Recovery is a good option but it might be a costly option since the Court Fees involved might be higher because of the high dues. Therefore if it's a legally enforceable debt for which a Cheque is issued to your consumer and later dishonored because of insufficient funds then sending a legal notice demanding the due amount along with interest & compensation is a better option. Many times after sending the legal notice or after filing Complaint u/s.138 of the Negotiable Instruments Act, 1939 the accused pays the due amount or there is a favorable compromise or settlement.
Normally Civil suits take a lot of amount of time and should be resorted to only when the amount involved is small and the losses are not significant in nature. For more serious consequences & when there is an element of cheating or fraud, without delay we should adopt criminal remedies. We file an F.I.R with the local police station having jurisdiction over the matter and set the criminal law in motion and follow up with the authorities continuously till the matter reaches its logical end by way of recovery of money directly or a favorable settlement for our client by way of negotiations with the debtor.
Review Balance Sheets & Financial Statements
There are cases of people cheating in spite of all understanding recorded in a written contract. The best way to avoid such a scenario is to look into the balance sheets and financial statements of the other party before signing. This is especially required in investments involving a huge sum of money like property and so on. If things seem doubtful, it's advisable to either not enter into the contract or to ask for Indemnifiers or Guarantors.
Have Witnesses wherever possible
Generally, it is always better to enter your understanding into a written contract or MOU but what to do where the accepted trade practice is oral contracts? For such instances, we recommend have witnesses who can attest to the existence of such contracts or understanding in the event of a breach.
Out of Court Settlements
If the recovery amount involved is too high, the best way is to settle differences through alternative dispute mechanisms such as Arbitration or Mediation. This works best against corporates as the matter can be resolved very fast without increasing the losses they'd normally have to bear and also without having to resort to the tedious court process.
To resolve the disputes in this manner the contract needs to either have a dispute resolution clause or both parties need to agree to it at least.
ParthaSaarthi Disputes Resolution LLP provides legal help and end to end services on Money Recovery related disputes. ParthaSaarathi LLP lead by Adv. Viraj Patil is one of the most experienced Money Recovery Lawyer in Navi Mumbai . Connect with us at firstname.lastname@example.org.