Legal Question in Banking Law in India
There is a partnership firm (name- abc & d firm) with four partners viz a,b,c and d. the firm was incorporated for dealing in real estate business. firm has purchased a piece of land in the name of firm. after some time two partners a and b resigns from the firm and two new partners x and y joins the firm. thereafter about six months later two partner c and d also resigns from the firm and the name of the firm also changed from abc & d firm to x and y firm. now the new firm wants to mortgage the land in the name of the firm to the bank. bankers have opinion that this land can not be mortgaged because the sale deed is in the name of abc & d firm while presnet name of the firm is x & y firm and factually there is no sale deed in the name of x & y firm and therefore x & y firm can not mortgage this piece of land. please provide expert opinion
4 Answers from Attorneys
Once one partner give resign this is dissolution of partnership firm and required to make new partnership deed between new partners. So send me the details as well as old and new partnership deed.
the bank is right
the answer is hidden in your own query.
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