Conversion of partnership into company

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Ashish Shah (Querist)
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19 February 2013 Hello Friends...
If the Partnership firm converted into a Company by Part IX or by takeover of Partnership by Company and before that the partnership has take a Loan from Bank then it is necessary to do agreement after conversion into Company with Bank again with Company. And there is any other procedure have to pass out by Company after conversion.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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22 February 2013 In my opinion there is no requirement for the converted company to enter into agreement again with the Bank since the loan will be shifted from the firm to company upon conversion. But it is necessary to intimate the bank about the same and preferably you should obtain an NOC from the bank before doing the conversion.

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