SECURITY BOND BY DEBTOR (Section 21 of the Provincial Insolvency Act)

SECURITY BOND BY DEBTOR

            (Section 21 of the Provincial Insolvency Act)

            KNOW ALL MEN that we, KC, r/o ……………………., and Mr. KC ……………, s/o Mr. DS, r/o ……………….. (Surety for Mr. KC) bind ourselves jointly and severally to the  Insolvency Court of Shri RS, Judge for payment of Rs………………

                                                                                    Signature………… 

                                                                                                Debtor

                                                                                    Signature………..

                                                                                                Surety

            Whereas Mr. KC has been ordered by the said Insolvency Court to give reasonable security for appearance  before the Court until further orders are passed on the  insolvency petition filed by him (or, his creditor)

            And whereas said Mr. KC has agreed to be surety of the said Mr. KC.

            NOW THE CONDITION OF THIS BOND IS AS UNDER:-

            The condition of the above obligation is that if said Mr. KC appears before the Court when  he is called by the Court, the above written bond shall be otherwise  it shall remain in full force.

            We the above noted  parties  have signed  this bond on this………day  of………at Varanasi after fully understanding the contents of this bond, in the presence of the following witnesses.

1.         Name……….                                                                        Signature………… 

            Address……..                                                                       Debtor

2.         Name………….                                                        Signature………..

            Address……….                                                                    Surety