Loan agreement-registration

ramsha (Querist) 21 May 2013 This query is : Resolved
Whether Loan Agreement has to be registered in the State of Maharashtra and if so under the purview of which Act/law would it fall.

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ajay sethi (Expert) 21 May 2013
please state detailed facts . has any property been mortgaged for said loan

Rajeev Kumar (Expert) 21 May 2013
Supply the full fact.

ramsha (Querist) 22 May 2013
One bank has provided loan facility to one Company with hypothecation of certain movable assests and personal Guarantees. The Company has now gone into winding up and the Company has raised in its objections that the facility/loan agreement is required to be registered or else it would be no evidence. What can be the stand of bank in such situation?

Raj Kumar Makkad (Expert) 23 May 2013
There is no requirement of registration of the movable properties in case of hypothecation but certainly bank should ensure its position as per changed circumstances.

Your penal lawyer should also be got consulted.

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