India has a long way to go in establishing a mature collection services industry. The collection business needs to be regulated and empowered with legal powers to become an effective tool. Already, there is awareness in the country that court dependant recovery is an inefficient way of debt collection. Alternative solutions have emerged recently and specialised debt collection services are gradually becoming available. The recent creation of Assets Reconstruction and Securitization Companies under the SARFAESI Act is definitely a step in the right direction for recognising debt collection as an independent and specialised business function.
In this context, we have invited BLS Detectives Ltd. and Trustman to explain to the audience how far they can assist small, medium and large size companies in the collection of debt within the existing legal framework.