Memorandum of Entry_Charge Matter
G. Sushant
(Querist) 10 January 2011
This query is : Open
Earlier the Company had secured loan worth of Rs. 52 Cr [From X Bank-Lead Bank Rs. 25 Cr, From B Bank (mentioned below) Rs. 15 Cr and From A Bank (mentioned below) Rs. 12 Cr]. and the MOE has been executed by the Company for depositing the title deeds of immovable property with Lead Bank X and paid Rs. 10,40,000/- as Stamp Duty.(0.2% on Rs. 52 Cr.)
Now the Company has fully repaid the Secured Loan to Lead Bank X except Rs. 5 Cr which has been taken over by A Bank and now the A Bank has become a Lead Bank.
The Present Consortium Finance Involved worth Rs. 114 Crore as below:
From A Bank Rs. 54 Cr
From B Bank Rs. 15 Cr
From C Bank Rs. 20 Cr
From D Bank Rs. 25 Cr
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Total Rs. 114 Cr
Now due to Change in Lead Chargeholder new MOE has to be executed depositing titles of the properties with "A Bank" on behalf of Consortium.
the Query is the now the Lead Bank is "A Bank" and MOE has to be created in favour of A Bank Bcoz it is now Lead Chargeholder. Amount of MOE will or not exclude the Rs. 5 Cr takeover from X Bank to A Bank & 15 Cr of B Bank while calculating the Loan Amount. Bcoz the Stamp Duty is already paid on the Rs. 5 Cr & Rs. 15 Cr earlier in earlier MOE Or Fresh MOE to be executed with A Bank for Rs. 114 Crore as rights of Consortium is now Changed from X Bank to A Bank.
