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A Consolidated Promissory Note is utilized when there is a need to streamline multiple debt obligations into a single, manageable instrument under Indian law. This document type is particularly useful in situations where a borrower has multiple outstanding promissory notes with the same lender, or when debt restructuring is required. The Consolidated Promissory Note combines these obligations while maintaining their legal enforceability, typically including details of all original debts, payment terms, interest rates, and security arrangements if applicable. It must comply with the Negotiable Instruments Act, 1881, and other relevant Indian legislation, including state-specific stamp duty requirements. This consolidation simplifies record-keeping, payments, and enforcement while providing clarity on the total debt obligation.

1. Date and Place of Execution: Clear statement of the date and location where the note is executed, which is crucial for determining jurisdiction and limitation period

2. Parties Information: Full legal names, addresses, and contact details of the maker (promisor) and the payee (promisee)

3. Unconditional Promise to Pay: Clear statement of the consolidated amount in figures and words, including the unconditional promise to pay

4. Payment Terms: Detailed payment schedule, interest rate, payment method, and due date(s)

5. Original Debts Reference: Reference to all original promissory notes or debts being consolidated, including their dates and amounts

6. Signature Block: Space for signatures of the maker, witnesses, and any required attestation