Recovery Suit Is Filed Under Which Section Of IPC
Nowadays, it happens that the other party doesn't return the money or repay the amount within the agreed-upon time frame. So, the party who has suffered harm has a range of legal options to pursue against the defaulting party. If the aggrieved parties still don't receive the payment, they can go for one of these choices, Summary Lawsuit, Negotiable Instruments Act, Criminal case or Insolvency and Bankruptcy Code. Legal Provisions under IPC: Different laws allow for the filing of criminal cases in order to recover money owed to borrowers. If a borrower uses a check or a bill of exchange to make a payment but fails to do so, the moneylender may file a lawsuit under the Negotiable Instruments Act. Likewise, if a borrower uses a check or a bill of exchange to make a payment but it bounces, the moneylender may file a lawsuit under Section 138 of the Negotiable Instruments Act and the borrower is required to make up the difference within 30 days. If the borrower doesn't ...