CREDIT COLLECTION IN INDIA

  • Presence and operations in India for over 6 years with a staff of 5 collaborators in New Delhi

  • An out-of-court approach is recommended due to the complexity of the legal system

  • The Limitation Act of 1963 envisages a standard limitation period of 3 years for civil and commercial claims

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ENTRUST YOUR OUTSTANDING RECEIVABLES IN INDIA TO INVENIUM

The Limitation Act of 1963 envisages that the standard limitation period for civil and commercial claims is 3 years. The letter of formal notice to comply does not interrupt the limitation period but the initiation of legal proceedings or obtaining acknowledgement of the debt is required.

The local Civil Procedure Code (1908) does not envisage application for an order for payment but a kind of accelerated procedure – suit for recovery – which facilitates rather rapid credit collection. This is a measure issued by a judge, objection to which is subject to acceptance by the latter and only in the presence of certain evidence. After 10 days with no objection, the creditor may request an Enforcement Order. This procedure can be activated in the presence of a written contract, acknowledgement of the debt or a guarantee.

In the absence of the above, classic legal proceedings become quite problematic since the legal system is not unique and the jurisdiction system consists of various levels. Art. 35 of the Civil Procedure Code allows the court to award costs at its discretion and the lawyers’ code of ethics ‘does not allow litigation funding.

Rather high legal costs and complexity of the legal system are more than sufficient elements to justify an attempt at mediation managed locally through lawyers. Among other things, it should not be forgotten that India is not party to any international treaties on the recognition and enforcement of rulings.

In Asia, lawyers can exert strong pressure on debtors to pay, which is why in the case of a dispute, the first thing to do is to have a good local Indian lawyer who will immediately send a warning and then a letter of request.

In most cases, if the debtor is solvent, the matter will be settled via letters. The letter of request must be in Indian. Too often lack of attention and understanding of the facts of the matter nullify the result.

THE GROUP

From the late 90s Invenium is one of the largest organizations specialized in the management and collection of receivables, both in Italy and worldwide. Invenium has developed a network of 117 legal partners in 105 countries.

+ 20

Years of experience

+ 3000

Clients around Europe

€ 74m

Receivables managed

+ 10000

Positions managed

OUR EXPERIENCE

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DEBT COLLECTION AGENCY IN ITALY AND ABROAD: CHOOSING INVENIUM

Late payments cause lack of liquidity and additional financial and administrative costs. Advance payments increase your business.

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