Money recovery acts as a legal remedy available to the person who has to recover the debt due to the default. Legal notice for recovery of money is a formal intimation between parties, warning the other before any legal action is initiated to get the due payment. Legal notice for the recovery of money can be filed by anyone starting from a dealer to an employee, tenant, friends, company, bank, etc.
Money recovery acts as a legal remedy available to the person who has to recover the debt due to the default. Recovery of money means to collect the bad debts, due receivable or handling bounced cheques. Order 37 of CPC,1908 contains provisions for filing of the suit for the recovery of money. In the process of recovery of money, legal notice plays a very important and crucial role.
Legal notice for recovery of money is a formal intimation between parties, warning the other before any legal action is initiated to get the due payment. Legal notice for the recovery of money can be filed by anyone starting from a dealer to an employee, tenant, friends, company, bank, etc.
There are various situations when it becomes necessary to opt for a legal solution. The situation is in case of tenants where sometimes tenants don't pay the rent to the landowners. As a result, a huge amount is accrued, which the landowner is entitled to receive, in cases of the employee, where an employee absconds with money. A domestic enquiry will be initiated, sending a show-cause notice to the employee residential address, in case of employer/company, if any employer deprives his employee of their legitimate salary; default in the payment of the loan amount, the default in the payments to be done in business. Most of the time producers sell their product through distribution and keep security deposits from the dealer and distributors in the form of post-dated cheques and last from friends.
Ref. No……………. Dated ____, __________
Pursuant to the instructions from and on behalf of my client ___________________, through its _____________, I do hereby serve you with the following Legal Notice: -
1- That my client is a ___________ firm/individual under the name and style of M/s ______________________.
2- That my client is engaged in the business of __________ of the ___ etc.3- That against your valid and confirmed order my client did your job work from time to time on a credit basis as you have running credit account in the account books of my client operated in due course of business.4- That my client-raised bills of every work performed for payment, although you have acknowledged the receipt of such bills raised by my client.5- That despite acknowledging the liability of payment of the principal balance of Rs. _________/- you have been miserably failed to make payment of the said amount due to my client from you deliberately with mala fide intent, hence you are liable to pay the said principal balance amount of Rs. __________/- along with interest @ __% p.a. from the date of due till actual realization of the said sum as is generally and customarily prevailing in the trade usages, which comes to Rs. __________/-6- That thus, you are liable to pay the total amount of Rs. ________/- to my client named above and my client named above is entitled to recover the same from you.7- That my client requested you several times through telephonic message and by sending a personal messenger to your office for release of the said outstanding payment, but you have always been dilly delaying the same on one pretext or the other and so far have not paid even a single paisa out of the said outstanding undisputed amount.
I, therefore, through this Notice finally call upon you to pay to my client Rs. __________/-. along with future interest @ __ % p.a. from the date of notice till actual realization of the said amount, together with notice fee of Rs. ____/- to my client either in cash or by demand draft or Cheque whichever mode suits you better, within clear 30 days from the date of receipt of this notice, failing which my client has given me clear instructions to file civil as well as a criminal lawsuit for recovery and other Miscellaneous proceedings against you in the competent court of law and in that event you shall be fully responsible for the same.
A copy of this Notice has been preserved in my office for record and future course of action.
Out as far the industrial sickness problem hovers around the economy of the nation, The Reserve Bank of India (RBI) has been assuming a crucial job in forestalling sickness in industrial units. Since the measure of outstanding bank credit has gone up day by day, the Bank has been taking an interest in the revival of the sick units, yet additionally impacting the financial establishments to give rehabilitation bundles to these sick units. The primary sorted out endeavor to handle the issue was made when the Reserve Bank of India sorted out a course on sick industrial units in April 1976.
A website can be stated as a collection of WebPages. Its domain name identifies a website. Websites play a dominant role in today's technological environment. They are accessed through private networks and are constituted by the World Wide Web.