The present invention relates to an improved process and method of recovering metals of value from used Lithium Ion batteries. More particularly, the invention provides a method for recovering cobalt and lithium along with other metals of value wherein the method includes physical processes for separation, limiting the use of chemical for removing minor impurities. Majority of elements were separated by physical processes instead of chemical processes which gives the benefit of cost saving in chemical treatment of liquid and solid effluents. The invention provides for a cost effective, economic and environmental friendly process for recovering metals of value.