In the recent years foreign individual and foreign companies have lost their money to certain investments in India. The money is also lost while availing services and/or outsourcing of services to Indian individuals and companies.  Recovering money from Indian individuals and companies can be a complex process for foreign individuals and foreign companies.

N. N. Thakur and Associates offers to foreign individuals and foreign companies to recover back their money from Indian individuals and companies are as hereunder:

• Negotiation and Settlement: The first step is often to negotiate with the Indian individual or company in question. A One Time Full & Final Settlement Agreement can be surely worked out between the parties in dispute. This allows the parties to resolve the matter amicably and avoid lengthy legal proceedings.
• Sending Legal Notice: A legal notice can be sent to the Indian individual or company demanding payment and outlining the consequences of non-compliance. This notice serves as a formal communication and can often prompt the debtor to take the matter seriously and initiate discussions for settlement.
• Approaching Debt Recovery Tribunal (DRT): The Debt Recovery Tribunal is a specialized forum in India for the recovery of debts. Foreign individuals and companies can file a case before the DRT, seeking recovery of their dues. The DRT has the power to attach assets and issue recovery certificates, which can be enforced against the debtor.
• Filing Civil Suit for Recovery of Money & Claiming Compensation & Damages: Foreign individuals and companies can file a civil suit in the appropriate Indian court seeking a money judgment against the Indian debtor. The court can order the debtor to pay the outstanding amount and may attach their assets to satisfy the judgment.
• Arbitration Proceedings: The parties in dispute can always initiate arbitration proceedings as per the Indian Arbitration & Conciliation Act of 1996 and the amendments thereafter. The arbitration award can be enforced in Indian courts, providing a legal remedy for recovering the money.
• Enforcement of Foreign Judgments: If the foreign individual or company has already obtained a money judgment from a court outside India, they can seek its enforcement in India. The Indian courts can recognize and enforce foreign judgments under certain conditions.
• Commencement of Insolvency and Bankruptcy Proceedings: The foreign individual and/or foreign company can surely recover their struck investments and/or money through initiating insolvency and bankruptcy proceedings as per the Insolvency & Bankruptcy Code of India.
• International Treaties and Conventions: India has signed various international treaties and conventions that provide legal remedies for foreign individuals and companies. This depends on the International treaties for which India is a party and has ratified the same.
• Using Letter of Credit (LC): If the transaction involves the use of a letter of credit, the foreign individual or company can invoke the LC and demand payment from the Indian bank. This provides a secure mechanism for recovering money owed under the LC.
• Adoption of Interim Measures: While pursuing legal proceedings, foreign individuals and companies can seek interim measures from Indian courts. These measures can include attachment of assets, freezing of bank accounts, or injunctions to prevent the disposal of assets, ensuring that the debtor's assets are preserved until the final judgment.