Recovery of Trade Debts

Dispute Resolution

Recovery of Trade Debts

There are various options available to a creditor who is looking to recover a trade debt. The said options are:

  1. A creditor can file a commercial suit for recovery under Commercial Courts Act, 2015 read with Code of Civil Procedure, 1908 (“CPC”) before a competent civil commercial court.
  2. In case of a bank or financial institution, the creditor can also approach Debts Recovery Tribunal (“DRT”) and file an Original Application for recovery of trade debt under Recovery of Debt Due to Banks and Financial Institutions Act, 1993 (“RDDB Act”).
  3. In case where there is an arbitration agreement between the parties, the debt can be recovered through arbitration proceedings to be conducted as per Arbitration & Conciliation Act, 1996.

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