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Agreement for Composition with Creditors with Surety

Document Cited in Related
Vincent
Updated atMarch 2010

This agreement is made this ………… day of ………… between Ananth Kamble residing at ………………… (hereinafter called the DEBTOR) of the first part, Vithal Kadam and Vaibhav Kadam sons of …………………… residing at ………………… (hereinafter called the sureties) of the second part and the several persons being Creditors of the DEBTOR whose names and addresses are entered in the Schedule hereunder (hereinafter called the creditors) of the third part; whereby it is agreed as follows:

  1. In consideration of the DEBTOR having procured the guarantee of the above-mentioned sureties, the creditors of the DEBTOR of the amounts and extents set out as against their respective names in the schedule below do hereby and hereunder jointly and severally agree with the DEBTOR to accept in full discharge of their respective original debts irrespective of the amounts particulars of which are set opposite to their respective names in the said schedule, a composition of …………… paise in the rupee to be paid as hereunder mentioned.

  2. The said composition shall be paid by …………… instalments, the first of …………… paise in the rupee in …………… calendar months from the date hereof, the second of……………… paise in the rupee in …………… calendar months from the date hereof, and the third instalment of …………… paise in the rupee in …………… calendar months from the date hereof.

  3. The said several instalments shall be secured by promissory notes to be executed by the sureties jointly with the DEBTOR for the respective amounts of the instalments or by bonds to the effect that the DEBTOR and the sureties will jointly and severally bind themselves unto the creditors that they, the DEBTOR and the sureties, shall remain liable to and shall duly and punctually pay to the creditors the said several instalments in the manner and at the times aforesaid.

  4. Upon payment of the said respective amounts by the instalments and in manner aforesaid, the creditors and each of them shall accept the same in full and final settlement and satisfaction of their respective claims and at the request and costs of the DEBTOR release and discharge the DEBTOR from the said debts and from all claims, demands and remedies in respect...

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