Fixed asset to creditor against unsecured loan
This query is : Resolved
CA Shubham
(Querist)
01 April 2011
Hi
Whether asset can be transfered to creditor against unsecured loan in a private limited company, as the company is short of funds and value of property is equal to the value of unsecured loan.
If yes, please let me know whether any registry (sub registrar) cost will be applicable as the asset is "Land & building" .
Regards
CA Shubham
Whether asset can be transfered to creditor against unsecured loan in a private limited company, as the company is short of funds and value of property is equal to the value of unsecured loan.
If yes, please let me know whether any registry (sub registrar) cost will be applicable as the asset is "Land & building" .
Regards
CA Shubham
Jayashree S Iyer
(Expert)
04 April 2011
On the one hand you state that it's an unsecured loan and on the other hand you want to secure the loan by giving "Land & Building" as security. That's what I understand from your query. In that case, the loan becomes a secured loan. Right?
Again where is the question of transfer of asset? In case you want to give any asset as security, you need to create charge in favour of the institute granting loan which needs to be registered with ROC as per Section 125 of the Companies Act, 1956.
Again where is the question of transfer of asset? In case you want to give any asset as security, you need to create charge in favour of the institute granting loan which needs to be registered with ROC as per Section 125 of the Companies Act, 1956.
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