Legal fee for loan recovery case and also the duration of the case.

794 votes

S.Gunasekar Advocate Answer. Pursuing legal action to recover ₹2.5 crore involves several considerations: Court Fees: In Tamil Nadu, court fees for money suits are calculated ad valorem (based on the claim amount). For substantial claims like ₹2.5 crore, the fee is typically a percentage of the claim. While exact percentages can vary, it's common for fees to be around 1% of the claim amount. Therefore, you might expect court fees to be approximately ₹2.5 lakh. It's advisable to consult the Tamil Nadu Court-Fees and Suits Valuation Act, 1955 or seek legal counsel for precise calculations. Lawyer's Fees: Legal fees can vary widely based on the lawyer's experience, reputation, and the case's complexity. For high-value recovery suits, lawyers may charge a fixed fee, an hourly rate, or a percentage of the recovered amount. In Chennai, for a claim of ₹2.5 crore, legal fees could range from several lakhs to a percentage of the claim. It's essential to discuss and agree upon fees upfront with your chosen attorney. Duration of the Case: The time frame for resolving money recovery suits in India can be prolonged due to court backlogs. While some cases conclude within a few years, others may extend longer, especially if appeals are involved. Factors influencing duration include the court's schedule, promptness of proceedings, and the defendant's responses. Additional Considerations: Limitation Period: Ensure that your claim is within the limitation period, typically three years from when the cause of action arises. Alternative Dispute Resolution (ADR): Exploring mediation or arbitration could offer a faster and less expensive resolution compared to traditional litigation.

Advocate S Gunasekar LawRato