Once a defaulter receives the notice, he or she has 15 days to return the money. In which a complaint is registered with the court, or one can file an FIR with the police.
The quickest way to recover money will be ‘Order 37’ of the Civil Procedure Code, with Summary Suits, as it is based on written statements and it will speed up court proceedings
- Negotiable Instruments Act
Under this act, there are provisions to recover debt or money for instruments like cheques, bills of exchange, etc,
A criminal case can be filed against the defaulter for recovering the debt under the Indian Penal Code, 1860.
- Insolvency And Bankruptcy Code
A case for insolvency for debt collection will be submitted to the adjudicating authority. The plea should be either accepted or rejected within 14 days.