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PARTH DOSHI (Querist)
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06 October 2014 My client want to purchase one running unit.that unit is fail to repay bank loan last installment and CC facility is also enjoyed by that unit in same bank. My client want to change the firm name at the time of purchase and want to surrender all old legal registration number. he will take new legal registration from all respective department. and he want be to continue with same loan on new name with same bank. weather is it possible?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 October 2014 you need to have a detailed talk with all the future plan of new units with the lender as its very subjective matter.

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PARTH DOSHI

PARTH DOSHI (Querist)
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06 October 2014 all future plan remain same as it is. my client is also partner in same type of business in other unit. so, he is experienced in that type of industries. he want to run that new unit with his brand name.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 October 2014 agreed with ur intention but the lender needs to be convinced..usually they ask for a declaration for assuming the same liabilities as accepted by the current owner..u have a talk for more clarity on the subject with the lender.

PARTH DOSHI

PARTH DOSHI (Querist)
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06 October 2014 ok. but bank can transfer my loan with this condition in new unit?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 October 2014 cant say with full confidence as yes because the decision shall be taken after investigating the net worth of new unit, taxaes paid in prev years and other financial criterias like various ratios calcuated etc...it all depends on the lender

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 October 2014 banks are more than happy to replace borrowers in case of defaults. As long as you are not looking for hair-cuts, moratoriums etc and have tangible net-worth to sustain loan amount, bank dont have much problem. However, given that banks would be having lien over the assets, they simply prefer to collect their dues from the sale consideration to be paid to the seller and only the net liability may be transferred to you.

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