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Money recovery from a person who is delaying


06-Sep-2025 (In Recovery Law)
Hello, I want to know the legal steps to recover money given to a person who is saying he is bankrupt now. What actions can I take to recover my money. Thank you
Answers (5)

Answer #1
799 votes
You can recover your money through a civil suit for recovery before the appropriate court. If you have written proof of the loan/transaction (agreement, promissory note, bank transfer, cheque, messages, etc.), the court can order repayment with interest. If the person is genuinely bankrupt/insolvent, you may file a claim in the insolvency proceedings before Debt Recovery Tribunal (DRT) under IBC as a creditor. In case he issued a cheque that bounced, you can also take action under Section 138 NI Act. The exact strategy will depend on the amount involved and the evidence you hold. I can guide you step-by-step after reviewing your documents.
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Advocate Adarsh Kumar

Adv. Adarsh Kumar

LawRato Delhi | 400+ Answers
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Answer #2
788 votes
Hi there, at first you should need to find out if he really is bankrupt or not. Secondly, you need to check with the limitation period. Based on the above information we can advise a proper channel to recover the money. In general, you need to approach the court for recovery. It's advisable to contact me and provide more details to assist you better.
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Advocate Ishan Parashar

Adv. Ishan Parashar

LawRatoDelhi | 200+ Answers
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Answer #3
737 votes
First of all rather than going legally you should serve him/her a legal notice and in that notice you can write that either pay my money or face legal action which will be at your own risk. After that if he/she fails to give you a satisfactory reply then you can anytime file a recovery suit in the court to claim your money back along with compensations.
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Advocate Jitender Singh

Adv. Jitender Singh

LawRatoDelhi | 1000+ Answers
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Answer #4
804 votes
You can initiate recovery depending on whether there is any written agreement, cheque, or proof of payment. First, send a legal demand notice. If the debtor claims bankruptcy, you may file a civil recovery suit under the CPC for money recovery. In case a cheque was issued and dishonoured, proceedings can also be filed under Section 138 NI Act. Where the debtor has formally filed insolvency, you can file your claim before the NCLT/District Court (depending on the type of insolvency) as a creditor. The exact remedy depends on the amount, nature of debt, and available proof. Legal action ensures your claim is officially recorded even if repayment is delayed.
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Advocate Preena Kashyap

Adv. Preena Kashyap

LawRatoDelhi | 25+ Answers
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Answer #5
864 votes
firstly give him legal recovery notice to pay your amount within 15 days and than file recovery case in court surely you will get your amount back and please collect evidence like chat call recording vedio etc...contact us for free legal advice
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Advocate Ankush Chaudhary

Adv. Ankush Chaudhary

LawRatoDelhi | 200+ Answers
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