Agreement for Composition with Creditors (In the form of a letter) by Shiva.

No. 18

Agreement for Composition with Creditors
(In the form of a letter)

WE THE UNDERNOTED PERSONS being respectively creditors of A. B., aged about . . . . . . years, son of . . . . . . ., resident of . . . . . . . . . . , to the amount and extent set opposite our respective names at the foot of this letter, DO HEREBY SEVERALLY AGREE to accept in full and complete discharge of our respective debts as against him a composition of . . . . . . . . . paise in rupees payable as follows:

(Give details of instalments or the mode of payment)

The said several payments to be secured by the promissory note of . . . . . . ., aged . . . . . . . years, son of . . . . . . . . . ., resident of . . . . . . . . , for the respective amounts of the said instalments.

AND on payment of the said composition by the instalments and in the manner aforesaid we severally agree to execute to the said A. B. at his request and expense a complete RELEASE and DISCHARGE from our said debts respectively and from all claims, demands and remedies in respect thereof.

AND in case the said composition shall be paid before the execution by us respectively of such release then from and immediately after full payment of the said composition in manner aforesaid and until such release shall be executed this letter shall bind us and be a discharge to the said A. B. from our said debts respectively and from all claims and demands in respect thereof and from all our rights and remedies respectively for recovering the same in full and which may be pleaded and used as such and in bar of any action hereafter to be instituted by any of us against the said A. B. in respect of our said several debts.

Dated at . . . . . . . . this . . . . . . . . . . . . . day of . . . . . . . . . . . . , 20.

Sd.

1.

2.

3.

4.?etc.,

Creditors.

Serial No. Name of Creditor with full address Amount of Debt Debt how secured Witness to Signature of Creditor
1.
2.
3.
4.
5.
etc.

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