The Evolution & Development of Recovery Laws in India: A Critical Analysis

Debt can be defined as the loan taken by an individual or an organization from the bank or financial institutions to meet its expenses, start a new business, buy a new house or vehicle etc. The person or organization taking the loan is called as the debtor and the lender is called as a creditor. Many a times the debtor is not able to repay the creditor its principal amount or the interest amount due to losses in business or due to other possible reasons. In such cases the creditor might try to settle the issue in person or approach the court to intervene and help them recover their money.