RELEASE BY CREDITORS TO A DEBTOR, CONDITIONAL
ON COMPOSITION OF DEBTS [CD1]
THIS
RELEASE is made on the ________ day of ________ BETWEEN AA. etc., BB, CC. etc.
DD. etc., (hereinafter called the Creditor) of the one Part and YZ. etc.
(hereinafter called the Debtor) of the other part;
WHEREAS the Debtor is
indebted to the Creditors in several sums specified against their respective
names in the Schedule hereto;
AND
WHEREAS the Creditors have agreed to accept a composition of
________________________ paise in the rupee in full discharge of their said
debts.
NOW
THIS DEED WITNESSES as follows:
1. The
Debtor agrees on or before the ________ day of ________ to pay to each of the
Creditors who shall execute this deed before that date the composition of
________ paise in the rupee on his debt specified in the Schedule hereto.
2. Each
of the Creditors hereby agrees to accept such composition in full satisfaction
of his said debt.
3. If
such composition be duly paid each of the Creditors hereby releases the Debtor
from his said debt.
4. This
release shall be binding and effectual though not executed by all the Creditors
and though all or any of the non-executing Creditors may be paid in full.
5. If
the said composition shall not be duly paid at the time and in the manner
aforesaid or if before the ________ day of ________ the Debtor shall have been
adjudged insolvent then this deed shall be void.
IN
WITNESS WHEREOF etc.
The
Schedule herein referred to.
Creditor
name
Amount
of debt
Amount
of composition
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