Kagaznama

Settlement of Arrears Agreement

At a glance

Price
Free
Stamp duty
Punjab/Chandigarh: Article 5, Schedule I-A applies (agreement not otherwise provided for); the exact denomination wasn't confirmed for either.
Registration
Punjab and Chandigarh: not registrable under s.17, Registration Act, 1908 — settles monetary arrears only, no right in immovable property.
Witnesses
Punjab and Chandigarh: The Society and Member sign; independent attesting witnesses are not required for this monetary settlement.

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When you need it

For a negotiated payment schedule, waiver or interest arrangement settling arrears instead of statutory recovery — must be precise, since a vague instalment promise creates a second dispute. State the admitted principal, interest, settlement amount, payment dates, cure period, and the release on full performance.

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S.55, Punjab Co-operative Societies Act, 1961 stays relevant if a dispute is before the Registrar (Chandigarh: same Act, 1963 Rules). No essential-service disconnection; Registrar-filed consent terms must match the settlement.

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What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

Punjab/Chandigarh: Article 5, Schedule I-A applies (agreement not otherwise provided for); the exact denomination wasn't confirmed for either. Buy the stamp before signing (s.17, Stamp Act 1899); the Collector can adjudicate under s.31 if unclear. Under s.35, an insufficiently stamped instrument is inadmissible until cured.

Registration

Punjab and Chandigarh: not registrable under s.17, Registration Act, 1908 — settles monetary arrears only, no right in immovable property.

Notarisation

Punjab and Chandigarh: Notarisation is not required for this monetary settlement agreement.

Witnesses

Punjab and Chandigarh: The Society and Member sign; independent attesting witnesses are not required for this monetary settlement.

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Sample preview — placeholder answers, not your data

SETTLEMENT OF ARREARS AGREEMENT

Agreement date: 1 April 2026

Society: ABC Cooperative House Building Society Ltd, registration CHD/COOP/118, Sector 48, Chandigarh. Member: Aarav Sharma, member no. M-118, Flat 804, Sector 48, Chandigarh, unit Flat 804.

SETTLEMENT ACCOUNT

Principal admitted: ₹25,000 (Rupees Twenty Five Thousand only). Interest admitted: ₹25,000 (Rupees Twenty Five Thousand only). Conditional waiver: ₹25,000 (Rupees Twenty Five Thousand only). Settlement total: ₹25,000 (Rupees Twenty Five Thousand only).

PAYMENT SCHEDULE

Structure: Single payment. First payment: 2 April 2026. Final payment: 3 April 2026. Regular instalment: ₹25,000 (Rupees Twenty Five Thousand only). Schedule: X.

INTEREST AND DEFAULT

Interest treatment: Interest frozen while the schedule is kept. Details: X. Cure period: 25,000 days. Uncured default: Original admitted dues revive after crediting payments and lawful waivers lapse.

PROCEEDINGS AND FUTURE DUES

Pending case: X. Proceeding treatment: Proceeding stayed while settlement is performed. Future/current dues: X. Release after performance: Society confirms settlement of identified arrears period only.

RECORD PARTICULARS

Which jurisdiction applies? Punjab

What society/property record identifies the unit? Share Certificate SC-118

What committee/general-body resolution supports the action? Resolution 14 dated 01 September 2026

SETTLEMENT ACCOUNTING

Every payment under the settlement should carry the settlement reference and be credited on its actual date. The society should maintain a running statement showing the original admitted amount, payments, any conditional concession and the unpaid balance.

CONCESSION FINALITY

A waiver that is conditional on complete performance becomes final only when the stated condition is satisfied. If the schedule fails, the fallback should credit every payment already made and revive only the lawful unpaid balance described by the agreement, not an invented penalty.

LEGAL BASIS

Punjab: The Punjab Co-operative Societies Act, 1961 governs this settlement of arrears agreement. Section 55 provides the Registrar reference route for qualifying disputes touching the constitution, management or business of the society. The first society action is taken by the managing committee or general body under the registered bye-laws; the Registrar of Cooperative Societies, Punjab receives a statutory reference when section 55 applies. There is no statutory appeal from the private settlement itself; any challenge or enforcement proceeds through the applicable pending statutory forum or contractual remedy.

Chandigarh: The Punjab Co-operative Societies Act, 1961 and Punjab Co-operative Societies Rules, 1963 apply to cooperative societies in UT Chandigarh. Section 55 provides the equivalent Registrar dispute route, administered locally by the Registrar of Cooperative Societies, UT Chandigarh. The current filing fee and period for the precise section 55 filing in this document were not confirmed from the sources used. There is no statutory appeal from the private settlement itself; any challenge or enforcement proceeds through the applicable pending statutory forum or contractual remedy.

Questions about this document

Does the Settlement of Arrears Agreement need stamp paper or stamp duty in Punjab and Chandigarh?

Punjab/Chandigarh: Article 5, Schedule I-A applies (agreement not otherwise provided for); the exact denomination wasn't confirmed for either.

See the full position on stamp duty, registration and witnesses
Does the Settlement of Arrears Agreement need registration in Punjab and Chandigarh?

Punjab and Chandigarh: not registrable under s.17, Registration Act, 1908 — settles monetary arrears only, no right in immovable property.

See the full position on stamp duty, registration and witnesses
What does the Settlement of Arrears Agreement cost on Kagaznama?

Free.

Documents are free. Only kits are paid.

Does the Settlement of Arrears Agreement need witnesses?

Punjab and Chandigarh: The Society and Member sign; independent attesting witnesses are not required for this monetary settlement.

See the full position on stamp duty, registration and witnesses

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