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CORPORATE LAWS (Company Law,LLP,SEBI,Competition etc..)

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By : anand das
On : 10 August 2011

charge on land

Lessor 'A' has given  two  acres of his own land on lease to a Lessee 'B' to set up industry. 'B' avails loan from a bank to set up his industry and thus  'B' mortgages his leasehold rights to the bank. ‘B’ wants to sub-lease one acre of land out of the said two acres of land to a sub-lessee ‘C’.

1. Is bank’s NOC  required to give one acre land on sub-lease basis to sub-lessee ‘C’ ?

2. Is it mandatory to vacate the charge on one acre of land to be given on sub-lease by the bank before giving it on sub-lease to ‘C’. ?

3. Is it legal/general practice to vacate charge by a bank in such cases or it is unwarranted?

pls guide


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