Assignment of Simple Contract Debts

THIS ASSIGNMENT made at __________ this ____________ day of ________________ BETWEEN ABC of __________, Indian Inhabitant, hereinafter called “THE ASSIGNOR” (which expression shall unless it be repugnant to the context or meaning thereof include his heirs, executors and administrators) of the One Part: AND XYZ of _________, Indian Inhabitant, hereinafter called “THE ASSIGNEE” (which expression shall unless it be repugnant to the context or meaning thereof include his heirs, executors, administrators and assigns) of the Other Part:

W H E R E A S:—

(a) The several persons, firms and companies described in the First Column of the Schedule hereto are indebted to the Assignor in respect of the matters mentioned in the Second Column thereof in the several sums set opposite their respective names in the Third Column thereof (hereinafter referred to as “the said debts”).

(b) The Assignor has agreed with the Assignee for the absolute assignment and sale to him of the said debts for the sum of Rs. 5,00,000/- (Rupees five lacs only).

NOW THIS DEED WITNESSETH as follows:—

1. In pursuance of the said agreement and in consideration of the sum of Rs. 5,00,000/- (Rupees Five lacs only) paid by the Assignee to the Assignor the (receipt of which sum the Assignor hereby acknowledges) the Assignor as beneficial owner hereby assigns unto the Assignee all the said debts and sums of money specified in the Third Column of the Schedule hereto as also future interest thereon due and owing to the Assignor from the several persons, firms and companies mentioned in the First Column thereof in respect of the matters mentioned in the Second Column thereof TO HOLD the same Unto the Assignee absolutely;

2. The Assignor hereby covenants with the Assignee that the said debts and sums of money hereby assigned are still due and owing in full to the Assignor from the several persons, firms and companies aforesaid.

3. The Assignor hereby declares and covenants with the Assignee as under:—

(i)His claim to the said debts are actionable and enforceable for the principal as also for further interest thereon;

(ii)The Assignee shall have full power and authority to demand, sue and adopt all legal proceedings against the said debtors to recover and realise the said debts and which shall be done by the Assignee at his own cost and efforts.

(iii)He shall give full co-operation to the Assignee to enable him to recover and realise the said debts and if required shall also attend the court of law for giving evidence in that regard.

4. The Assignor has simultaneously also executed the requisite Power of Attorney in favour of the Assignee to enable him to adopt all suitable steps in the name of the Assignor to recover and realize the said debts. However, the Assignor shall at all time at the request and cost of the Assignee also sign and execute further documents as may be reasonably required by the Assignee.

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands at ____________ aforesaid the day and year first hereinabove written.

THE SCHEDULE ABOVE RFERRED TO:

NAME & ADDRESS PARTICULARS AMOUNT OF
OF DEBTOR OF DEBT DEBT

SIGNED AND DELIVERED by the )

withinnamed A B C )

in the presence of : )

SIGNED AND DELIVERED by the )

withinnamed X Y Z )

in the presence of : )

Received this ____________ day of ____________ 200__ from the Assignee the sum of Rs. 5,00,000/- (Rupees Five lacs only) being the full consideration money within expressed to be paid by him to me.

WITNESS: I SAY RECEIVED

(THE ASSIGNOR)