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Friendly Loan Mou

This memorandum of understanding documents a loan agreement between Allahrakha M Bubere and Mangilal Tulsiram Paliwal and Prakash Sitaldas Jeswani. Bubere loaned 25 lakh rupees in cash to Paliwal and Jeswani, who are facing financial crisis. In return, Paliwal and Jeswani each provided Bubere with two post-dated cheques totaling 6.25 lakh rupees each to repay the loan within 3 months. The memorandum outlines terms for repayment and consequences if the cheques are dishonored, such as legal action.

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abdullah maknojia
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22K views6 pages

Friendly Loan Mou

This memorandum of understanding documents a loan agreement between Allahrakha M Bubere and Mangilal Tulsiram Paliwal and Prakash Sitaldas Jeswani. Bubere loaned 25 lakh rupees in cash to Paliwal and Jeswani, who are facing financial crisis. In return, Paliwal and Jeswani each provided Bubere with two post-dated cheques totaling 6.25 lakh rupees each to repay the loan within 3 months. The memorandum outlines terms for repayment and consequences if the cheques are dishonored, such as legal action.

Uploaded by

abdullah maknojia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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MEMORANDUM OF UNDERSTANDING

THIS MEMORANDUM OF UNDERSTANDING is made at and


entered, executed on this 25 th day of January, 2023 BETWEEN
ALLAHRAKKHA MUSSIDDIQUE BUBERE, Adult, Indian
Inhabitant, having office at Sarah Sizing, Bubere Compound, 4 th
Nizampura, Bhiwandi 421302; (hereinafter referred to as "PARTY
OF THE ONE PART" which expression shall mean and include
her/their heirs, survivor, administrators and assigns) of the ONE
PART;

AND

1) MANGILAL TULSIRAM PALIWAL Adult, Indian Inhabitant,


having office at ……………, Bhiwandi- 421302, 2) PRAKASH
SITALDAS JESWANI Adult, Indian Inhabitant, having office
at………………. hereinafter referred to as the "PARTY OF THE
OTHER PART" (which expression shall mean and include
his/their heirs, survivor, administrators and assigns) of the
OTHER PART;
WHEREAS The Party of the One Part is a friend and known to the
Party of the other part.

AND WHEREAS as both the parties are known to each other since
several years and share a bond of good-faith, trust, friendly
relations amongst them.

AND WHEREAS The Party of the Other Part due to financial crisis
are in need of financial assistance, friendly-monetary loan for an
amount of Rs. 25,00,000/- (Rupees Twenty-Five Lakhs Only)
therefore they approached and requested the Party of the One Part
to provide them an amount of Rs. 25,00,000/- (Rupees Twenty-
Five Lakhs Only) as friendly monetary loan and promised to repay
the said friendly monetary loan within 3 months from the date of
execution of this agreement.

AND WHEREAS the Party of the One Part has accepted the
request of the Party of the Other part and agreed to lend friendly
monetary loan to the tune of Rs. 25,00,000/- (Rupees Twenty-Five
Lakhs Only).

NOW IT IS HEREBY AGREED AND UNDERSTOOD BY AND


BETWEEN THE PARTIES AS FOLLOWS:

1. The party of One Part and the Party of the Other part
intend to enter into this understanding with the sole intention
to bring on record their Agreement and the Intent of the said
transaction.

2. Party of the One Part has already paid an amount of Rs.


25,00,000/- (Rupees Twenty-Five-Lakh Only) by way of Cash
to the Party of the Other Part which the Party of the Other Part
acknowledges the same on the Receipt herein below.
3. Party of the Other Part hereby accepts the total liability of
Rs. 25,00,000 /- (Rupees Twenty-Five-Lakhs Only) upon them
and is obliged to repay the said outstanding friendly-monetary
loan, to the Party of the One Part as agreed within 3 months.

4. Party of the Other Part in discharge of liability has handed-


over 2 Cheques bearing Nos. 221863, 221864 dated 25.04.2023
respectively drawn on Saraswat Bank Dhamankar Naka
Branch, Bhiwandi signed by Mr. Mangilal T Paliwal in the
name and favor of Party of One Part, each cheque amounting
to Rs.6,25,000/- (Rupees Six Lakhs and Twenty Five Thousand
Only) AND 2 Cheques bearing Nos. 200261, 200262 dated
25.04.2023 respectively drawn on Union Bank of India Shahad
Camp Branch, Thane signed by Mr. Prakash Sitaldas Jeswani
in the name and favor of Party of One Part each cheque
amounting to Rs.6,25,000/- (Rupees Six Lakhs and Twenty
Five Thousand Only).

5. The Party of the Other Part promises to repay the friendly


monetary loan amounting to Rs.25,00,000/- to the Party of the
One Part as agreed on completion of 3 months from the date of
execution of this Memorandum of Understanding, failing to
which the Party of the One part shall be at liberty to deposit all
the above mentioned 4 cheques for encashment of repayment
of this friendly monetary loan as per the dates mentioned on
the aforesaid cheques without any confirmation from the Party
of the Other Part.

6. That the intention of both the parties with respect to the


friendly-monetary loan is brought on record in this
Memorandum of Understanding.

7. It is hereby agreed that if any of the aforesaid cheques are


dishonored for any reason whatsoever, the Party of the One
Part is at liberty to file Proceedings/Case under Section 138 of
Negotiable Instruments Act and file Police Complaint for
Cheating, Breach of Trust and other relevant sections of I.P.C.
and C.R.P.C. and also at liberty to file civil proceedings against
the Party of the Other Part.

8. It is also hereby agreed and understood between the Parties


that both the Parties are obliged to comply with their
commitments and agreements for which they cannot deny the
same in future after the performance of the obligations laid
down in this Memorandum of Understanding.

9. The Party of the Other Part hereby indemnifies the Party of


the One Part from any denial of re-payment as agreed in this
Memorandum of Understanding or from any dispute, claim,
demand deterrent to the rights, interest of the Party of the One
Part.

10. The Parties hereby state that this amicable


understanding between both the parties are mutual in nature
and they have no objection pertaining to the said
Understanding.

11. It is also hereby confirmed that both the Parties have


hereby accepted this document of understanding without any
force or manipulation or undue influence and the same is
hereby accepted by both parties.

12. The formation, execution, validity, interpretation and


implementation of this Memorandum of Understanding shall
be governed by and construed in accordance with the laws of
India.

IN WITNESS WHEREOF the parties hereto have set and


subscribed their respective signatures, thumb impression in the
said agreement.
SIGNED AND DELIVERED BY THE )
WITHINNAMED )
PARTY OF THE ONE-PART )
ALLAHRAKKHA M BUBERE )

SIGNED AND DELIVERED BY THE )


WITHINNAMED )
PARTY OF THE OTHER PART )
1) MANGILAL TULSIRAM PALIWAL )

2) PRAKASH SITALDAS JESWANI )

In the presence of

1.

2
RECEIPT

Received from Mr. ALLAHRAKKHA M BUBERE a total


sum of Rs. 25,00,000/- (Twenty-Five Lakhs Only) by way
of Cash, as per Memorandum of Understanding dated
25.01.2023.

Total Rs. 25,00,000/-(Twenty-Five Lakhs Only)

I say received the aforesaid amount.

MR. MANGILAL TULSIRAM PALIWAL

MR. PRAKASH SITALDAS JESWANI

WITNESS

1.

2.

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