Legal Question in Banking Law in India
what do you mean by letter ceding to pari passu issued by the comapny to the lenders i.e financial institutions?
Asked on 6/29/11, 4:50 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
It is not the company borrower to give a letter ceding paripassu or equal rights. It is a letter issued by one or more lenders having charge/mortgage on the same property at different times to agree that all the charges irrespective of the time it came into existence will be treated as having equal rights.
Answered on 7/04/11, 12:02 pm
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