When debt cannot be recovered, it turns into bad debt. Normally the terms “Debt Collection” and “Debt Recovery”, in collection the creditor tries to recover consumer credit and loans that have not been paid back, whereas recovery is when the creditor hires a third party to recover such debt when it goes unpaid for a substantially longer time period. Many times there is a security that is given by the borrower to the creditor, but when that asset which becomes liable to be used as a means to pay back the debt is unable or incapacitated to do so, recovery becomes important. There are varied legal as well as non-legal methods to recover a debt. The non-legal ways include personal contact with the borrower or sending agents to recover the money, etc; And legal are further explained in module. Debt Recovery Tribunals and Debt Recovery Appellate Tribunals were established under the RDDBFI Act to assist and look after these debt recovery proceedings. Eventually, laws like SARFAESI and IBC were enacted to further refine their workings. ===================================== 𝐅𝐨𝐫 𝐮𝐩𝐝𝐚𝐭𝐞𝐬 𝐟𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐨𝐧 : 👉 Facebook: facebook.com/Lawofficesofkrvivektanwar 👉 Website: advocatetanwar.com 👉 Instagram : instagram.com/lokvt_ 👉 Spotify: open.spotify.com/show/5mutfNRECCTY0jiwl9vEt7 👉 LinkedIn: linkedin.com/company/14653669/admin ===================================== #law #legal #legalnews #debt #debtfree #debtrecovery #debtfreejourney #legalframework #legallaw #lawyer #lawoffice #delhi #lawstudent #legalknowledge #legallittle #legalservices #lokvt #gurugram #studentlife #legaltoday #it #bank #banker #banknifty #indianbanks #banklaw #instagram #exam #bankingexam

Leave a Reply

Your email address will not be published. Required fields are marked *

This field is required.

This field is required.


The following disclaimer governs the use of this website (“Website”) and the services provided by the Law offices of Kr. Vivek Tanwar Advocate & Associates in accordance with the laws of India. By accessing or using this Website, you acknowledge and agree to the terms and conditions stated in this disclaimer.

The information provided on this Website is for general informational purposes only and should not be considered as legal advice or relied upon as such. The content of this Website is not intended to create, and receipt of it does not constitute, an attorney-client relationship between you and the Law Firm. Any reliance on the information provided on this Website is done at your own risk.

The Law Firm makes no representations or warranties of any kind, express or implied, regarding the accuracy, completeness, reliability, or suitability of the information contained on this Website.

The Law Firm disclaims all liability for any errors or omissions in the content of this Website or for any actions taken in reliance on the information provided herein. The information contained in this website, should not be construed as an act of solicitation of work or advertisement in any manner.