POOJA
07 February 2015 at 14:24
The partnership firm has given on 30 years lease his firm land and building (under construction) to education society. For this building (i.e. construction and finishing work) firm want to take term loan for which bank is also agreed subject to legal compliance (with regards to mortgage of above property) of his law officer but bank’s want to take guarantee of education society, being society is lessee for 30 years. Same law officer is of opinion that society can only take guarantee for he himself will take term loan and not for loan sanctioned to firm. Kindly advise what so do now?
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Partnership firm unregistered
One of our client in unregistered firm engaged in the business of purchase & sale of Immovable Properties (IP). It purchased (IP) being unregistered firm(URF) and executed sale deed was not release by the sub-registrar Balaghat for want of adequate stamp duty. Because of these mutation was not done. In the meanwhile the seller who sold the immovable property to our client (URF), again sold out the same IP to another buyer thereafter this immovable property were routed sales to 3-4 consecutive buyers. The property was released in favour of our client by the Sub Registrar Balaghat after paying the difference stamp duty. Thereafter our client firm was registered and it comes to the knowledge of the firm and its partners that his IP was sold out to other persons so many number of times. After becoming registered firm (RF) the firm filed the suit for mutation as well as for possession. Please suggest/ our Questions.
1. What we do further and how?
2. Can URF purchase the Immovable property in the firm name? If yes now and any case law in favour of us.
3. The deponent against us has taken stand in the court we being URF we could not purchase immovable property nor can you file suit for possession / eviction. Though as on filling the suit by our client, our client is registered firm (RF). Is any similar case law in favour of us.