Debt Management / Recovery in a well-organized manner, for corporate and other business concerns in India and abroad by putting into motion the legal machineries is altogether, a new phenomenon. Till the establish of the NNB Asset reconstruction, the debt recovery sector was not so organized, as a result of which the business concerns in India used to suffer a lot because of non-recovery of debts owing to a number of reasons as follow:-

1. The traditional procedures involved in litigation and the resultant time span of adjudication thereof.
2. Natural resistance from hard core defaulters after lapse of a certain period from the debt becoming enforceable.
3. Non executability of the decrees because of impracticable execution laws of India.
4. The impracticableness of the ultimate result of the litigations.
5. Lack of requisite resources in terms of research and innovation for effecting legal recovery with commercial viability.

The recovery jobs undertaken by NNB Asset reconstruction are in general:

1. Recovery of debts from domestic corporate.
Recovery of debts from domestic corporate. NNB undertake recovery assignments from domestic or multinational corporate of India, to recover their debts from Indian defaulters. In such cases, the options available and used by the Company are:

2. By initiating Civil Suits for recovery.
Where there are live cheques issued by the defaulter in favour of the client corporates, which gets dishonored on presentation, by initiation of criminal prosecution for the purpose, which ultimately results in recovery of the outstanding.

By initiating of criminal prosecution against the defaulters for cheating, breach of trust, embezzlement, forgery, criminal misappropriation or any other offence made out from the mode and manner of the transactions taken place between the defaulter and the client corporates

By holding negotiations with the defaulters wherever and whenever possible, and by tactful negotiation techniques prevailing upon the defaulter to concede to the claim of the client corporate; and By mounting pressure upon the defaulter by way of consistent and multi jurisdictional prosecution etc.

3. Recovery assignments from foreign institutions against Indian defaulters, presumably staying in India for the time being.

There are two type of situation arises when the matter comes about Indian defaulters in foreign banks.
1. NNB Asset reconstruction in India has undertaken such an enterprise and by way of the research findings, has been successful enough in convincing the Indian Courts about, “commissions of such crimes by Indian Nationals on a foreign land are subject to prosecution and punishment by the Indian Courts in India.” Indian defaulters of foreign banks, being in India are all the more resistive and reluctant to clear off the debts, in such cases NNB on behalf of the foreign corporate clients initiate criminal prosecution under the extra territorial jurisdictions of Indian Courts against such persons before Indian Courts for cheating, breach of trust, embezzlement, criminal misappropriation or any other offence made out from the mode and manner of the transactions taken place between the defaulter and the client foreign corporates, which process ultimately ends up in recovery of the debts. NNB does not absolutely rely upon the results of prosecution. As a trademark feature, the Company always strives to arrive at an amicable settlement with the defaulters by putting into use the tactful negotiation skills irrespective of the time and situation of such negotiation. Besides the general modus operandi, stated above, NNB has owned the credibility of the client corporates of India and abroad for its sensibility in imparting urgency to every recovery assignment and for investing positive legal solutions of distinguished significance to all the jobs undertaken.

2. When the commercial creditors hold some foreign decrees against some Indian defaulters, who have then fled into India. In such a situation, filing the decree in Indian Courts for execution is not an easy task as Indian Civil Law envisages the review of the decree on merits by the executing Court. This process virtually renews the entire litigation and consumes as much time as is required for leading a fresh case to adjudication. There have been instances, when Indians, after availing substantial financial benefits from foreign banks in a foreign land, have fled into India with a view to escape from their liabilities accruing thereupon. In such an event, the foreign banks used to have no other choice but to file a criminal complaint with the local law enforcing agencies and wait for their action. As it is evident, executability of a foreign warrant in India or deportation of an Indian National on demand of a foreign law-enforcing agency is not that an easy task. Therefore, such foreign banks or entities consider declaring such debts as bad and suffering losses thereby instead of proceeding with a virtually futile attempt to sue or prosecute such defaulters. NNB in India has introduced the concept of portfolio recovery and facilitating hard core recovery of the corporates, bad debts by providing research based legal tools and expertise consultancy.

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