Introduction Section 14 of the SARFAESI Act, 2002 states the power of the Chief Metropolitan Magistrate (CMM) and District Magistrate (DM) to assist secured creditor in taking possession of secured assets. According to section 14 of the Act when the secured creditor takes possession of the secured asset or wants to sell or transfer any secured assets as per the…
Introduction The Oxford dictionary defines interest as money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. In legal disputes, interest is the most sort for liquidated damage which parties seek. In Power of Arbitrator concerning monetary matters, a disputing party can claim three kinds of remedies; interest, future…
Introduction In developing countries, the financial sector has played a vital role as it has increased the economy of the Country. Securities and debt are the latest systems that are introduced in the financial sector. As the latest techniques are introduced, the law should also be adapted according to the changes made in society to keep pace. As there are…
Introduction Alternative Dispute Resolution (ADR) and litigation can be referred to as two peas in a pod in the world of law and justice. Though both the procedures share common goal i.e. resolution of disputes, the process to reach such a goal is very different. The dictionary meaning of the term ‘litigation’ is the process, act, procedure to describe the…
Strategies for Debt Recovery Each and every individual working in any sector wants to earn money and the companies that lend money(loan) to such individuals for various purposes are no different. In order to make money/gain profit, it is imperative for lending companies to formulate prudent and well-considered strategies as to how the Bad Debt Recovery Services ought to take…
Introduction Debt Recovery Software is a process in which a loan goes unpaid continuously. To save the loan from becoming a bad loan or non-performing asset, the creditor hires a collection agency or a Debt Recovery Software, a third party that helps in the legal recovery of the loan. Loan Recovery Platform verifies every claim of creditors, and then a…
Overview Each and every individual working in any sector wants to earn money and the companies that lend money (loan) to such individuals for various purposes are no different. Banks and NBFCs (lenders) grant loans to individuals and businesses, known as the borrowers, for a fixed period of time. These borrowers are required to repay the loan within the repayment…