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PROCESS OF MONEY RECOVERY IN INDIAN LEGAL SYSTEM:
Under the Indian legal system, the process of recovery of money is done through the filing of civil suits for recovery of money from the other party. In case of a clear instrument such as cheque, promissory note, credit note etc, the remedy for recovery of money is provided under Order 37 of Code of Civil Procedure. It mandates that the claimant party will approach the court and the court will issue a limited notice to the other party and issue a decree for recovery of the money if any substantial ground is not shown by the other party. The said remedy is an effective and quick remedy which is the most common and effective process of recovery of money in India through court.
In the absence of any instrument, the other remedy available to any person for recovery of money in India is to file a civil suit for recovery. The court issues notice to the other party and after adjudication of the civil suit issues a decree of recovery which is again executed in the courts. This remedy of recovery of money in India is a complicated and lengthy process which involves establishing the claim for the money by the person claiming the amount and adjudication of various associated issues.
In the case of an arbitration agreement, the proceedings are launched for arbitration in terms of the agreement and the award is binding on both the parties.
In the case of cheque issued by the creditor, the proceedings under Section 138 of the Negotiable Instruments Act are launched. These proceedings are criminal proceedings and the creditor party is made to face criminal proceedings leading to his criminal conviction in case he fails to pay the amount.
Besides the above-said remedies for recovery of money in India in the case of cheating, criminal misappropriation of the money or valuable security, the police and other law enforcing agencies have the right to take action against the person involved and recover the amount.
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