Roc charge creation

AVRA ROY (Querist) 10 March 2013 This query is : Resolved
a partnership firm was enjoying OD facility from a scheduled bank against some property owning by the partnership firm ,now the partnership firm got converted to Pvt. Ltd. co.& the same loan has also got converted in the name of Pvt. Ltd. Co. against the same property which was owning by the partnership firm & still now the property owner is the partnership firm as per property deed but as per take over process it has been shown that the pvt. Ltd. co. has taken over all the assets & liability of the partnership firm , now pls suggest how ROC charge can be created on the same property which is still owning by the partnership firm as per deed & also suggest is there any issue for the bank to create charge in ROC as property deed has not been transfered or new deed has not been made in the name of that Pvt. Ltd. Co.

Request advise .

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Devajyoti Barman (Expert) 10 March 2013
Though the same is taken in the catch of pvt. ltd co. for removal of doubt m better execute a deed of assignment,

Raj Kumar Makkad (Expert) 10 March 2013
Until the ownership is transferred in the name of the private limited company, it is highly riskful for the banker to mortgage such property in the name of company itself.

devdatta Jadhav (Expert) 11 March 2013
conversion of firm into company is itself transfer of all assets and liabilities. File form 8 to create charge with ROC from date of incorporation of company.
no need to execute any other docs.

prabhakar singh (Expert) 11 March 2013
I would share views expressed by Mr.devdatta
jadhav!

R.K Nanda (Expert) 11 March 2013
no more to add.

AVRA ROY (Querist) 11 March 2013
pls note as this partnership firm was related to civil construction & they themselves made this property which is still owning by the partnership firm as per property deed ,now they are still showing this property in current assets as closing stock since last 3-4 years & logic behind this was as a developer this property was unsold at that time hence they considered the same as closing stock in their balance sheet & the same balance sheet has been submitted in ROC now as per roc search report it is showing that charge has been created on all current assets against the existing OD facility but the same property details(still owning by partnership firm but shown in current asset as closing stock) is not reflecting in ROC search report .

1) now pls advised can I find that current asset/property details in ROC search report on which(current asset) already charge has been created as I did not find the same in ROC search report .

2)in terms of legal is there is any issue for a new bank to create charge in ROC & to take over the same OD facility from existing banker against the same property & property deed .

request advise .

my query is

devdatta Jadhav (Expert) 12 March 2013
if form 8 has been filed with ROC then only u will be able to see in search report, if u have copies of charge creation, ask ROC to get their record updated. u can have addirional loan from other bank on same property. this will be second charge on property & termed as modification of charge, again form 8 needs to be filed with the help of lead bank.