Sec 185 - partnership act

DHAVAL BHOJANI (Querist) 03 April 2014 This query is : Resolved
Hello, Request for your expert opinion / clarifications in the query mentioned below: Going through the latest updates / notifications regarding 185; there is one issue / queries: One of our client based in Gujarat is a partnership firm having two partners and is proposing for a project finance from banks. The project land is in the name of private limited wherein all the directors are from family and even the above two partners are also directors. Now this land needs to be offered as collateral to the bank; now there is a Hiccup of sec 185; as the company; being owner of the project land needs to offer its corporate guarantee to the bank. I request to guide me whether the section 185 is applicable or exempted and further what needs to be done or any solution.

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Guest (Expert) 03 April 2014
I wonder, what type of interest you have in a case between your clients and the bank. Let your client state, what is the real problem. Moreover, the query being a acommercial query pertaining to some company, the company directors can well afford to hire services of some local expert.

Rajendra K Goyal (Expert) 03 April 2014
Commercial query.

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