A Partnrship firm was formed in 1991. There were 6 partners in that firm. One partner retired from the firm taking his capital balance . He at the time joining in the firm contributed certain immovable property i.e. towards his capital. Afterwards the firm developed its business by constructing Mill and was doing business. The firm was reconstituted and filed a deed of Recontitution Deed with the other partners duly paying 5% stamp duty on the property which retired partner invested as his capital fund since the property remains with the firm as per Article 41-B(a) of Schedule I-A to the indian Stamp Act, 1899 . Now the remaining partners approached a Bank for obtaining loan to the firm. The Bank Manager advised them that the retired Partner who invested immovable property should transfer his immovable property in the name of the firm by means of a REGISTERED SALE DEED. In this connection I need advice whether a seperate SALE DEED is necessarily be registered in the name of the Firm or not ? In this connection I bring to your kind notice the judgement in ILR 1947(2) Cal.1 "if any person brings his own property in to the Partnership firm it is not necessary for him in order to bring it into the Partnership stock to transfer it by registered instrument to himself ..... " Please advise meA Partnrship firm was formed in 1991. There were 6 partners in that firm. One partner retired from the firm taking his capital balance . He at the time joining in the firm contributed certain immovable property i.e. towards his capital. Afterwards the firm developed its business by constructing Mill and was doing business. The firm was reconstituted and filed a deed of Recontitution Deed with the other partners duly paying 5% stamp duty on the property which retired partner invested as his capital fund since the property remains with the firm as per Article 41-B(a) of Schedule I-A to the indian Stamp Act, 1899 . Now the remaining partners approached a Bank for obtaining loan to the firm. The Bank Manager advised them that the retired Partner who invested immovable property should transfer his immovable property in the name of the firm by means of a REGISTERED SALE DEED. In this connection I need advice whether a seperate SALE DEED is necessarily be registered in the name of the Firm or not ? In this connection I bring to your kind notice the judgement in ILR 1947(2) Cal.1 "if any person brings his own property in to the Partnership firm it is not necessary for him in order to bring it into the Partnership stock to transfer it by registered instrument to himself ..... " Please advise me
