Fixed asset to creditor against unsecured loan

This query is : Resolved

CA Shubham (Querist)
Follow

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

Jayashree S Iyer

Jayashree S Iyer (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

Fixed asset to creditor against unsecured loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA