LexNovaLegal Associates
Debt Recovery
Structured recovery of business debt through notices, summary suits, DRT, SARFAESI and insolvency routes.
Recovery is a sequencing problem. The same debt can be pursued through a summary suit, a cheque-dishonour prosecution, a debt recovery tribunal, SARFAESI action or an insolvency petition — and choosing the wrong route first can cost a year and weaken the others.
LexNova assesses the security, documentation and counterparty solvency before selecting a route, then runs it to realisation. Where a commercial settlement recovers more than a decree, we say so.
What this service covers
Structured recovery of business debt through notices, summary suits, DRT, SARFAESI and insolvency routes.
Route selected on evidence
Security, documents and solvency reviewed before proceedings are chosen, not after.
Pressure early
Statutory notices and insolvency threats often recover more, and faster, than litigation alone.
Realisation, not judgment
Execution, attachment and asset tracing pursued until the money is actually received.
Frequently asked questions
- Is an insolvency petition a good recovery tool?
- It is powerful for undisputed operational debt above the statutory threshold, because admission is severe for the debtor. It is not appropriate where a genuine pre-existing dispute exists — that attracts costs.
- What documents do you need to start?
- The contract or purchase orders, invoices, proof of delivery or performance, ledger statements, any acknowledgement of debt, and correspondence on non-payment.
- What is the fastest route to recover a commercial debt?
- Where the debt is admitted and undisputed, a statutory demand followed by a summary suit under Order XXXVII, or an insolvency application for a corporate debtor, is usually faster than an ordinary suit. The right route depends on the debtor's status and the documentary record.
- What is the minimum default for an insolvency application?
- The threshold for initiating corporate insolvency is one crore rupees of default. Below that, recovery proceeds through summary suits, arbitration or negotiated settlement.
- Can we recover interest on overdue payments?
- Yes — contractual interest where the agreement provides for it, and statutory interest for micro and small enterprise suppliers under the MSMED Act, which carries a substantially higher rate and a dedicated facilitation-council route.
- What if the debtor has no visible assets?
- We pursue asset tracing, seek attachment before judgment where dissipation is likely, and examine the judgment debtor in execution. Where assets have been stripped, avoidance and personal-guarantee remedies may be available.
Part of our Corporate & Commercial Law practice group. View all practice areas.
Based in Tamil Nadu? See how we run this work as a commercial litigation lawyer in Chennai.
Need advice on debt recovery?
Share the documents and the deadline you are working to. We will confirm the approach, the people handling it and the cost before starting.
Speak with our team about your matter.
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LexNova Legal Associates · No. 1 Karaneeswarar Koil Street, Saidapet, Chennai 600015 · 073580 88817