Assumption & assignment agreement

In order for an assignment and assumption agreement to be valid, the following criteria need to be met:

The initial contract must provide for the possibility of assignment by one of the initial contracting parties.

The assignor must agree to assign their rights and duties under the contract to the assignee.

The assignee must agree to accept, or "assume," those contractual rights and duties.

The other party to the initial contract must consent to the transfer of rights and obligations to the assignee.

A standard assignment and assumption contract is often a good starting point if you need to enter into an assignment and assumption agreement

Grateful 

Sir, it required to get agreement registered with local jurisdictional authority and deposit a copy with RBI on its portal thru bank. As both step down subsidiaries were controlled by our wholly owned subsidiary in Dubai.

You may proceed further by following the prescribed procedures, if necessary by taking the assistance of a consultant in the local.