Agreement of debt payable on demand.

Agreement entered on this the thirteenth day of April Two Thousand Twenty Three
(13/04/2023)
Between
Mr. MBN (Aadhaar No: xx), aged 28 years, S/o B Nujumudeen, residing at xx(hereinafter
referred to as the 1st party, which expression wherever it so requires shall mean and include
her heirs, legal representatives, administrators, executors and assigns etc) of the One Part

And

Sri.S E S (Aadhaar No: xx), aged 29 years, C/o Ebrahim A, residing at xx and Sri.E E S (Aadhaar
No. xx), C/o A Ebrahim aged 27 years, TC43/765-1, Shameem Manzil, Kallattumukku, Manacaud
P.O., Thiruvananthapuram (hereinafter referred to as the 2nd party which expression wherever it so
requires shall mean and include his heirs, legal representatives, administrators, executors and assigns
etc) of the Other Part.

WHEREAS the 1st party paid the 2nd party Rs. 5,00,000/- (Rupees Five Lakhs only) as debt
repayable on demand as per the request of the 2 nd party. The 1st party made payments to the
2nd party after discussion, mutual understanding and communication of other opportunities
and businesses administered by 1st party.
The conditions of debt:
1. The amount of Rs. 5,00,000 (Rupees Five Lakhs only) collected by 2 nd party from 1st
party constitutes the principal amount of debt and shall be repayable to 1 st party on
demand.
2. The 1st party shall be paid by the 2nd party a fixed monthly payment of Rs. 15,000/-
(Rupees Fifteen Thousand only) as interest plus service charge for opportunity cost
which is does not account to the repayment of principal amount collected by the 2 nd
party.
3. The 1st party shall maintain a ‘Schedule of Payment’ for the monthly payment of Rs.
15,000/- signed by both 1st party and 2nd party as proof of account.
4. The repayment of Principal Amount of Rs. 5,00,000/- (Rupees Five Lakhs) will be
considered separate from the monthly payment of Rs. 15,000/- (Rupees Fifteen
Thousand only) as interest plus service charge for opportunity cost. A separate
schedule shall be maintained by the 1 st party for repayment of the principal amount
signed by both 1st party and 2nd party as proof of account.
5. The 1st party is entitled by the 2 nd party to receive the monthly payment of Rs.
15,000/- (Rupees Fifteen Thousand only) as interest plus service charge for
opportunity cost until the complete repayment of Rs. 5,00,000 (Rupees Five Lakhs
only), that is the principal amount.

IN WITNESS WHEREOF the parties above mentioned affixed their hand on the day,
month and year first mentioned.
1st Party: 2nd Party:

WITNESSES:
1.

2.

This agreement has two original copies, one with 1 st Party and second with 2nd Party with
signature and original thumb print impression of 1st party and 2nd party.
Schedule for Repayment of Principal Amount Rs. 5,00,000/- (Rupees Five Lakhs only):
Date of Amount Received Balance Amount Signature/ Signature/
Receipt Receivable Thumb Thumb
Impression of impression of
1st Party 2nd party

Closing Amount:
1st Party: 2nd Party:
Schedule for payment of fixed monthly interest and service charge Rs. 15,000 (Fifteen
Thousand only):
Date of Amount Received Remarks Signature/ Signature/
Receipt Thumb Thumb
Impression of impression of
1st Party 2nd party

1st Party: 2nd Party: