Legal Question in Banking Law in India
Greetings of the Day!!
We are running a Ltd company and for business purpose taken loan from a nationalized bank with the Collateral security of land.
Land is located just adjacent to Resident Colony and is within 8 Kms of Municipality. The land is vacant and not used for any agricultural purpose for last 6 years.
At the time of purchase it was registered as Agricultural land. Now the bank people asking for conversion of land as Non agricultural land. Is conversation is required ?
Thanks in advance.
1 Answer from Attorneys
01.07.2015
Dear Sir / Madam,
If the Bank has sanctioned the business loan with the condition with a specified duration or time frame to get the agricultural land converted into non-agricultural land based, on assurances, circumstances and facts provided by you to the Bank, at the time of availing the loan, the conversion is necessary.
Regards,
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