Fixed asset to creditor against unsecured loan
This query is : Resolved
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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- TDS ON CASH WITHDRAWALS...
- ESIC- Employee Registration
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
