Release deed (viduthalai pathiram) not registered
Deepak Kumar
(Querist) 07 March 2015
This query is : Resolved
My dad bought a company in 1988, he has also taken over loan from the sellers of Tamilnadu investment corporation. The two sellers had made a release deed (viduthalai patram) and sold the property to my dad's name. My mom and dad were partners and now after my dad died I took over my dads position. Patta is in my dad's name.
My dad cleared the TIC loan and he got the patta in his name and he has also got the recipt from TIC for the loan clearance and property has been to my dad and company name.
But the release deed (viduthalai patram) is not registered in the register office.
Now will this create any problem if we wanted to sell this company property.
Sankaranarayanan
(Expert) 07 March 2015
where r u in tamilnadu , when you jpint the partnership firm
Deepak Kumar
(Querist) 07 March 2015
Iam in Trichy. I joined as a managing partner in July2011 replacing my dad who expired in june 2011..We made an amendment deed to the existing partnership deed...
kavksatyanarayana
(Expert) 11 March 2015
@Author, as per your query, it is understood that your father bought the firm in 1998, and taken loan from TIC mortgaging the firm. Hence the TIC executed release deed. But you are saying that they sold the property to your dad's name? there is an ambiguity in your query. when your dad repaid the loan? (2) and your father expired in June 2011 and you joined the firm in July 2011. then automatically the firm be dissolved if there are only 2 partners including your father.
Deepak Kumar
(Querist) 13 April 2015
Yes sir but we made amendment deed to the existing partnership deed after my fathers death and I replaced my dad...
