Assingment of Loan
Sambhav Jain
(Querist) 26 February 2010
This query is : Resolved
A declared sick company (A Co.) by the BIFR has been sanctioned OTS(one time settlement) with IFCI. Later OTS amount was paid by B.CO. to IFCI(which is a limited comapny in private sector) with the consent of A Co. within time. Assingmnet of loan has not been mentioned in OTS Santioned letter with IFCI and OTS.
my questions are:
1. Whether IFCI can legally assign the loan to B Co.which is not a Non Banking Finance Co. nor asset reconstruction Co.
2. Whether Before actual assingment by IFCI, can A Co. withdraw its consent?
Kumar Thadhani
(Expert) 28 February 2010
Before assignment of loan A Co. should have mentioned about assignment of loan by B.Co. with the consent of A.Co. it is then the loan the amount of loan would have transferred by the the B.Co..Regarding to your query to no1 it should have not to create any problem.
