ASSIGNMENT OF BUSINESS DEBTS

by

THIS DEED OF ASSIGNMENT executed on this …….. 2nd November, 2023 (02/11/2023) at ……… by and between:

Mr. A S/o MR. B aged about ….. (hereinafter called the “ASSIGNOR”) which expression shall, unless repugnant to the context otherwise, include heirs, legal representatives of the ONE PART.

AND

Mr. C S/o MR. D aged about ….. ( hereinafter called the “ASSIGNEE”) which expression shall, unless repugnant to the context otherwise, include heirs, legal representatives of the OTHER PART.

WHEREAS

  1. The Assignor and Assignee are jointly severally known as “Parties”.
  2. The Assignor is carrying on the business of ……. under the name and style of ………… at …….. for the past 20 years.
  3. In the course of the business, several persons, whose complete details are given in the schedule annexed hereto, have become debtors to him for the sums of money set opposite their respective names.
  4. The assignor has contracted with the assignee for the absolute sale to him of the said business debts at …………. (In word)and for the sum of Rs. …….. (In word) subject to the terms and conditions set out hereunder.

NOW THIS DEED WITNESSES AS FOLLOWS:

  1. The Assignee shall be paid, this day, a sum of Rs. ……. (IN WORDS) to Assignor. The receipt, whereof the Assignor doth hereby admit and acknowledge.
  2. In consideration of the receipt of the money, the assignor in the capacity as a beneficial owner, does hereby transfer, sell and assign to the use of the said assignee, all the several said debts and sums of money specified in the Schedule annexed herewith which are now due and payable to the assignor.
  3. That from the date of this agreement, the assignor shall have no rights over such debts. The assignor further confirms that the said debts are recoverable and the concerned debtors are yet alive.
  4. The assignor shall at all times execute and perform all such and other acts, deeds, things or writings as may be reasonably required for realization of the said debts or assuring them in favour of the assignee.
  5. Any dispute arising under this deed shall be referred to the single arbitrator to be appointed by the parties. His award shall be final and binding upon the parties.

IN WITNESS WHEREOF the parties hereto have signed this day on the date above written in the presence of the following witnesses.

WITNESS 1                                                                     Assignor

WITNESS 2                                                                     Assignee

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