The summary suit is a unique legal procedure used for enforcing a right in an efficacious and efficient manner. This is a procedure used for enforcing a right that takes effect faster than ordinary suits as unlike in ordinary suits the courts do not hear the defense.
The fact is that all those who default don’t do it intentionally but your money is important so is recovery of bad debt, which is owed to your company by your debtor.
the plaintiff can file a separate complaint and proceed with the summary suits for the recovery of the amount due to him for a speedy recovery.
It is evident upon reading Section 33(5) that this clause merely forbids the filing of a lawsuit or other legal action against the Corporate Debtor. It in no way precludes the filing of a lawsuit or starting another legal action against a ship or vessel owned by the corporate debtor.
summary suits are straightforward and ease to go for the plaintiff and stiffer for the defendant to defend as comparative to ordinary suits.
Reserve Bank of India Governor Urjit Patel put his signature to a historic order for recovering over Rs 3 lakh crore from the top 12 defaulters, just 10% is in banks
Steps that can be initiated by corporate creditors against their debtors in case of default and when the debtor refuses to accept the notice and come to a settlement.
A detailed article on NCLT and DRT and the difference between them and how can corporate bodies approach NCLT against their borrowers/debtors.
In this article we will briefly cover the legal remedies one can resort to against their debtors in case there is default in paying the loan amount.
For companies, partnership firm, proprietorship firm and traders etc., can file a suit for recovery of their unpaid bills/ Business due amount or payment where there are any written contract/agreement between the parties.
Outsource your work to debt recovery management organizations who while maintaining the harmony of your business relations will realize your debts with their expertise.
India has jumped 30 spots to number 100 in the latest Ease of Doing Business report for 2018 released by the World Bank today.
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