Section 185 of companies act 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 February 2016
One partnership firm give land and building on lease of 5 years to the Pvt. Ltd. now partnership firm provide this land and building as collateral securities to its associate LLP(Limited Liability partnership) .one of partner of LLP is director in Pvt. company).Section 185 is applicable to this situation .
Lease hold right is consider as security or not??
Please give clarification on it.....
Lease hold right is consider as security or not??
Please give clarification on it.....
01 March 2016
Obviously not. Section 185 is not applicable in this case, the main reason is that Land and Building is not an asset of a Company. It is partnership firm which is providing the assets as collateral securities.
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