13. Upon registration of the company, the aforementioned Board of Directors will accept this agreement in order to execute, for the company and the company as well as the organisers and the seller, the documents or documents necessary for the assumption by that company of the above mortgage debt. In “Rajeev Bansal and Sudershan Mittal” – [2020 (4) TMI 67 – AUTHORITY FOR ADVANCE RULING, UTTARAKHAND], the applicant is a partnership company involved in the construction of residential/commercial complexes. The company was founded for the construction and sale of a residential/commercial building in Manoharpur, Jwalapur, Hardwar. The applicant has received authorization from the competent authority. The area covered was about 1.25 lakhs. A total area of 85 thousand square meters was built up to the time of transmission. Ronav Infrastructure), who worked for the same company, approached the applicant to take over this incomplete project in order to continue the construction and sale of the building in question. The applicant entered into an agreement with Ronav Infrastructure for the sale of the company as a “current business”. The main advantage of the business is the land, the incomplete housing built in the countryside and the approved map. On 24.10.2019, the transfer of dwellings was the subject of a separate deed of sale for the transfer of apartments, as required by state law for the following following 21.80. 6. The seller will seek the agreement of the aforementioned bank to transfer the aforementioned asset transaction to the proposed company and to the company that assumes responsibility for the mortgage in question on the terms prescribed by the bank.
4. The draft memorandum and statutes of that company was made available and approved by the parties. The main objective of the said company will be to take over in writing the transaction in question of the seller as a current business with the assets in the second and third calendar, but subject to the mortgage in question for the benefit of said bank of… and continue to produce these products. The ancillary and other objects of this company are presented as indicated in the draft association protocol mentioned above. If conditions are included in the agreement, these conditions must also be met in order for the transaction to continue. If this is not the case, either party (or, in some cases, both parties) may have the right to withdraw from the agreement. In this document, the form filler can enter relevant identification details, for example. B if the parties are individuals or companies, as well as their addresses and contact information. The form filler will also contain the main features of the agreement between the parties, including dispute resolution and existing legislation, and, of course, all relevant details about the transfer of the business. 15. The seller agrees and agrees that, as long as he is the shareholder and the director of the company, he will not initiate a similar transaction, alone or in collaboration with another person, or that he will make available to any other person the know-how and technical know-how.
Business transfer agreements in India are governed by the Indian Contract Act, 1872, general principles of the treaty, such as education, mutual understanding and the sale of goods, 1930, which deals with property ownership and guarantees.