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Debt Recovery Notice

Debt Recovery Notice Template for India

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Key Requirements PROMPT example:

Debt Recovery Notice

"I need a Debt Recovery Notice for a secured corporate loan of INR 50 million that defaulted in January 2025, where the borrower is a manufacturing company and we hold security over their factory equipment."

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Document background
The Debt Recovery Notice is a crucial document in Indian banking and financial practice, serving as the first formal step in the debt recovery process. It is typically issued when a borrower defaults on loan payments or other financial obligations. The notice must comply with various Indian legislation, including the SARFAESI Act 2002 and the Recovery of Debts Act 1993, and should be issued before initiating any legal proceedings or enforcement actions. The document includes essential information such as debt details, payment history, default specifics, and demand for payment, while also outlining the consequences of non-compliance. It's particularly important for establishing legal documentation and can be used as evidence in debt recovery tribunals or courts if further legal action becomes necessary.
Suggested Sections

1. Creditor Details: Full legal name and contact information of the creditor/financial institution

2. Debtor Details: Full legal name and address of the debtor

3. Debt Reference Information: Loan account number, agreement reference, and other identifying information

4. Debt Details: Clear statement of the original debt amount, current outstanding amount, interest rates, and other charges

5. Default Description: Specific details of the default including dates and nature of default

6. Demand for Payment: Clear statement of the total amount demanded and payment deadline

7. Legal Consequences: Statement of legal actions that may be taken if payment is not made

8. Payment Instructions: Clear instructions on how and where to make the payment

9. Response Requirements: Instructions on how the debtor should respond to the notice

Optional Sections

1. Security Interest Details: Include when the debt is secured by specific assets or properties

2. Guarantor Notice: Include when there are guarantors who are also being notified

3. Previous Communications Reference: Include when there have been prior recovery attempts or communications

4. Settlement Options: Include when the creditor is willing to offer settlement or restructuring options

5. Insurance Claims: Include when there are relevant insurance policies that may cover the debt

6. Cross-Default Information: Include when there are multiple facilities in default

Suggested Schedules

1. Schedule A - Debt Calculation: Detailed breakdown of the outstanding amount including principal, interest, and other charges

2. Schedule B - Payment History: Statement showing history of payments made and missed payments

3. Schedule C - Security Details: Details of any security or collateral held against the debt

4. Appendix 1 - Original Loan Agreement: Copy or reference to the original loan agreement

5. Appendix 2 - Default Evidence: Documentation evidencing the default, such as bounced checks or missed payment notices

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

































Clauses




















Relevant Industries

Banking

Financial Services

Insurance

Microfinance

Real Estate

Manufacturing

Retail

Trading

Information Technology

Healthcare

Education

Construction

Infrastructure

Automotive

Relevant Teams

Legal

Finance

Credit Management

Collections

Risk Management

Compliance

Operations

Asset Management

Account Management

Recovery

Documentation

Relevant Roles

Credit Manager

Recovery Officer

Legal Counsel

Finance Manager

Collection Specialist

Risk Manager

Compliance Officer

Banking Operations Manager

Chief Financial Officer

Recovery Head

Asset Management Officer

Legal Operations Manager

Portfolio Manager

Account Manager

Credit Risk Analyst

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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