Legal Question in Real Estate Law in India

There is partnership firm with four partners namely A,B,C and D (Name of the firm ABCD Firm). The firm is having one land in the name of firm. Thereafter partners A and B resign from the firm and two new partner X and Y enters in the firm through new reconstitution deed.After some time C and D also resigns from the firm and also the name of the firm changed from ABCD firm to X & Y Firm. Now Firm X & Y wants to mortgage the land in the name of the firm to Bank for some loans.( Sale deed is still in the name of ABCD Firm)
Now question is whether the firm X & Y can mortgage the land in the name of firm

Asked on 4/24/12, 4:25 am

ranganathan raghavachari R.Ranganathan & Associates

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The land can be mortgaged provided the balance sheet of the X & Y Firm shows the said property and also the firm is a registered one.

Answered on 4/24/12, 1:52 pm

Shrichand Nahar S.V.Nahar, Advocate

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May be.

Answered on 7/07/12, 2:56 am

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