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Affidavit Of Indebtedness for India

Affidavit Of Indebtedness Template for India

An Affidavit of Indebtedness is a formal, sworn statement executed under Indian law that documents and verifies the existence and details of a debt obligation. This legal document, which must be notarized in accordance with the Indian Oaths Act, 1969, provides a detailed account of the debt, including the principal amount, accrued interest, payment history, and current outstanding balance. The document holds significant evidentiary value in Indian courts and can be used in debt recovery proceedings, serving as prima facie evidence of the debt's existence and terms.

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Affidavit Of Indebtedness

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What is a Affidavit Of Indebtedness?

The Affidavit of Indebtedness is a crucial document in Indian debt recovery and legal proceedings, used to formally establish and verify the existence and terms of a debt obligation. This document becomes necessary when there is a need to formally acknowledge a debt, initiate recovery proceedings, or create an official record of the debt obligation. It must comply with the requirements of the Indian Oaths Act, 1969, and other relevant legislation such as the Indian Evidence Act, 1872, and the Indian Stamp Act, 1899. The affidavit includes comprehensive details about the debt, parties involved, payment history, and current status, making it a valuable tool for creditors in establishing their claims and for legal proceedings in debt recovery.

What sections should be included in a Affidavit Of Indebtedness?

1. Title and Introduction: Specifies the document as an Affidavit of Indebtedness and identifies the jurisdiction

2. Deponent Details: Full identification and contact details of the person making the affidavit

3. Debtor Information: Complete identification details of the debtor(s)

4. Debt Acknowledgment: Specific details of the debt including amount, origin, date incurred, and current status

5. Payment History: Record of payments made and outstanding balance

6. Interest Calculation: Details of applicable interest rates and total interest accrued

7. Total Amount Due: Clear statement of the total amount currently owed

8. Verification Clause: Standard clause confirming the truth of the statements made

9. Signature Block: Space for deponent's signature and date

10. Notary Attestation: Official notary verification and stamp section

What sections are optional to include in a Affidavit Of Indebtedness?

1. Security Details: Include when the debt is secured by any assets or collateral

2. Co-borrower Information: Required when there are multiple debtors or guarantors

3. Default Notices: Include when formal default notices have been issued

4. Previous Settlement Attempts: Detail any prior attempts at debt resolution or settlement

5. Assignment History: Required when the debt has been assigned or transferred between creditors

6. Legal Actions: Include details of any related legal proceedings or actions

What schedules should be included in a Affidavit Of Indebtedness?

1. Schedule A - Loan Documentation: Copies of original loan agreements or credit contracts

2. Schedule B - Payment Records: Detailed statement of all payments and transactions

3. Schedule C - Default Notices: Copies of formal notices sent to the debtor

4. Schedule D - Interest Calculations: Detailed breakdown of interest calculations and charges

5. Schedule E - Supporting Documents: Any additional relevant documentation such as correspondence or security agreements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Ƶ

Document Type

Affidavit

Cost

Free to use
Relevant legal definitions






























Clauses




















Relevant Industries

Banking

Financial Services

Insurance

Microfinance

Real Estate

Legal Services

Debt Collection

Asset Management

Non-Banking Financial Companies (NBFCs)

Credit Unions

Private Lending

Corporate Finance

Relevant Teams

Legal

Finance

Credit Operations

Collections

Risk Management

Compliance

Documentation

Corporate Affairs

Debt Recovery

Account Management

Relevant Roles

Legal Counsel

Credit Manager

Collections Manager

Risk Officer

Compliance Officer

Financial Controller

Debt Recovery Agent

Legal Administrator

Corporate Lawyer

Finance Manager

Account Manager

Credit Analyst

Recovery Specialist

Documentation Officer

Notary Public

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