Legal Question in Banking Law in India

I am a banker and seek your guidance in the following matter.Firm X has availed credit facility of Rs 30 crore from our branch. Firm X is a partnership firm and It consist of two partners.Out of the two partner ,one PARTNER is a Private Ltd Company.Now Private Ltd Co has subsequently become Limited Liability Partnership Firm.Under such circumstances whether fresh documents executed by the Limited Liability Partnership firm required to pay full stamp duty on bank loan documents?


Asked on 11/30/15, 10:01 pm

2 Answers from Attorneys
mohd mahboob

yes,you have made agreement with private limited,not LLP.Legal Entity is change,contract/agreement is also change

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Answered on 11/30/15, 10:52 pm
Fca Prashant Chavan Expert Edge LLP

01.12.2015

Dear Sir / Madam,

I have already answered this query earlier, but I am answering it again, If the Bank has permitted the loan availed by the partnership firm to still subsist with the Bank despite the change in the constitution of the firm, the borrower need not incur Stamp Duty again.

Regards,

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Answered on 12/01/15, 2:57 am


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