How Much time it will take to recover money in money recovery cases in India?

What interest court grants on money recovery cases in 138 Negotiable Instruments Act cases

The duration of money recovery cases in India depends on several factors, such as the complexity of the case, the number of parties involved, the speed of proceedings, and the backlog of cases in the court. On average, a money recovery case in India can take anywhere from 6 months to 2 years to be resolved. Best money recovery lawyer – Advocate Neha Batra and associates

Under the Negotiable Instruments Act, 1881 (Act 138), a case for recovery of money can be filed in the appropriate court, depending on the amount of the claim. In cases where the claim amount is less than 1 lakh, the case can be filed in a small causes court, while in cases where the claim amount is more than 1 lakh, the case can be filed in a regular court.

In money recovery cases under Act 138, the court may award simple interest at the rate of 9% per annum from the date of the issuance of the notice under section 138 of the Act, till the date of realization of the cheque amount. The interest rate may vary depending on the circumstances of the case and the discretion of the court.

It is important to note that the duration of money recovery cases in India can be reduced if the parties involved are able to reach a settlement outside of court. In such cases, the matter can be resolved more quickly, and the cost of litigation can also be avoided.

In conclusion, the duration of money recovery cases in India can vary, but on average, it can take anywhere from 6 months to 2 years for a case to be resolved. In cases under the Negotiable Instruments Act, the court may award simple interest at the rate of 9% per annum. The duration of the case can be reduced if the parties involved are able to reach a settlement outside of court.