Legal Advisory - Our CIBIL lawyer

Legal Advisory - Our CIBIL lawyer

Our Advocates and CIBIL lawyer can advise on legal Notices, closing salary bank account, stopping ECS, lien on bank account, arbitration hearing and orders, dishonoured cheque and Court hearings.

Our Insolvency Lawyers (IL) and Certified Accountants (CA) will undertake the setting up and management of any unsecured debts under the PDP, if that is the best option. PDP is a program supervised by the IL and CA, in which all the unsecured loans are evaluated, by undertaking a full “financial health audit” on all the unsecured loan accounts.

A “financial health audit” is a process whereby all the unsecured loan agreements are analyzed to ensure that the creditors followed all the RBI guidelines prior to sanctioning the unsecured loans, including “irresponsible lending” and also that the interest was applied as per the terms and conditions of the loan agreement.

If it is discovered that the creditors had not followed the RBI guidelines or there is irresponsible lending or the interest not correctly applied, then our IL will look at requesting writing off the interest and charges. IL will also investigate the possibility of converting a high interest loan like a pay day loan or a credit card debt into a low interest term personal loan or a secured loan.

Our CIBIL lawyer also provide Insolvency services as under the Insolvency Law which governs aspects of financial debt. Insolvency occurs when a company is no longer able to pay the debt due. The two main types are that of the inability to pay the debt when due and are thus related to cash flow problems and balance sheet insolvencies when the liabilities of a company far exceed the assets.

According to Insolvency Law, a company that has illiquid assets and thus a positive balance sheet, but is unable to pay the short term debts is thus in a cash flow insolvency state. When a company’s assets fall into a negative state where the liabilities become more than the assets, the company can still have enough cash flow for day to day running, but not to pay off the long term debt.

With the numerous insolvencies that have occurred over the past few years, the focus has shifted from liquidation of assets to assistance of businesses in financial trouble. The reason is simple. Not only the business, but its suppliers, clients, shareholders, and employees are all affected. To minimize the effect is better and as such debt restructuring steps can be taken to help rehabilitate a company. Single Debt can assist your business with all the Insolvency Law needs.

Financial Advisers

Our Financial Advisors are well versed on personal financial debt and will be able to offer:

Bounced Cheques

Cheques are used in almost all transactions such as re-payment of loan, payment of salary, bills, fees, etc. A vast majority of cheques are processed and cleared by banks on daily basis. Cheques are issued for the reason of securing proof of payment. Nevertheless, cheques remain a reliable method of payment for many people.

When a cheque is dishonoured, the drawee bank immediately issues a ‘Cheque Return Memo’ to the banker of the payee mentioning the reason for non-payment. The dishonour of cheque is a criminal offence and is punishable by imprisonment up to two years or with monetary penalty or with both

The Negotiable Instruments Act, 1881 is applicable for the cases of dishonour of cheque. This Act has been amended many times since 1881

Prior to the payee initiating court action the payee has to follow certain legal procedures, our panel of CIBIL lawyer and advocate will check that these procedures have been followed. In any event we will obtain bail for you and forward a defence on your behalf to the Courts and handle all legal matters thereafter.

So act now, and stop the stress of court action, our panel of lawyers and attorney are here to assist you in this matter. Book a free consultation with our panels of lawyers and advocate – there is no obligation!