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Recovery Matters Procedures: StepbyStep Guide to Debt Recovery Process | |
The recovery matters procedures outline the legal steps taken by banks, financial institutions, or creditors to recover outstanding dues from borrowers. These procedures are designed to ensure fair, transparent, and time-bound resolution of debt-related disputes, often handled through the Debt Recovery Tribunal (DRT) or civil courts. The process typically begins when a borrower defaults on loan repayment. The creditor first issues a demand notice, allowing the borrower time to clear the dues. If the borrower fails to respond, the creditor may file a recovery application before the appropriate DRT, provided the claim amount exceeds ₹20 lakh. Once the case is filed, the tribunal serves notices to the borrower (defendant) to present their response. Both parties then submit their evidence and arguments. The DRT conducts hearings, evaluates the merits of the case, and may issue a recovery certificate authorizing the Recovery Officer to attach or sell the borrower’s assets to settle the debt. In certain cases, recovery can also be initiated under the SARFAESI Act, 2002, which allows banks to seize and sell secured assets without court intervention, provided due procedure is followed. For more information visit us at:- https://hectogonllp.com/drt-recovery-matters/ Call us:- +91 99907 25969 | |
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| Target State: All States Target City : Vasant Vihar Last Update : 17 November 2025 6:47 PM Number of Views: 5 | Item Owner : Hectogon Financial Solutions LLP Contact Email: Contact Phone: +91 99907 25969 |
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2025-11-17 (0.628 sec)