plz help me to solve this property transfer related problem

Arun Sharma (Querist) 30 December 2009 This query is : Resolved
a partnership firm is takeover by pvt. ltd. company 2 years ago and this finacial year company take a loan in mortgage of assets which was transfer from firm.

bank advocate argue that immovable propety can not transfer without regeistry of assets in the name of company.

plz. help

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Raj Kumar Makkad (Expert) 30 December 2009
Bank is absolutely right. The business and all movable properties get transferred on the merger but the immovable properties which require registration fatch stamp duty to be credited to the State so the registration of the partnership firm properties in the given case are required to be registered in the name of company now before it is mortgaged by company.

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