The time period to file a suit for the recovery of money is 3 years from the date when the issue arose. However, any delay in filing the suit could be condoned and is subjected to the discretion of the Court.

The jurisdiction for the money recovery suit can be the Court under whose jurisdiction the defaulter belongs to and the amount of money in question which has to be recovered.

Summary Suit- applies to suits for recovery of money which arise from the written agreements. They could be promissory notes and contracts, bills of exchange or cheques, etc. if the matter involves recovering of pending dues concerning penalties or any other uncertain amount one cannot file a summary suit.

Order 37 of the CPC requires the borrower to file a summary suit, and it is the most common remedy for debt recovery. The defaulter has 10 days from the date the suit is filed and summons are given to appear, ifnot the Court assumes the claims of the plaintiff as valid and awards in the favour of the plaintiff.

Deals with the recovery of money arising from instruments such as bills of exchange, or cheques. Section 138 explains the procedure to deal with the issues of cheque bounce. Here, a legal notice is sent to the defaulter within a period of 30 days of receiving the cheque return memo. If the defaulter fails to make fresh payment within 30 days of receiving the notice , the payee can file a criminal suit against him.

The fastest and most economical way to recover the pending amount is through out of court settlement through procedures such as arbitration, mediation or conciliation, if both the parties have agreed to it. If the matter is referred in arbitration, the arbitrator hears both the parties and passes the award which is binding on both the parties.