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08

Oct
2021

In Uncategorized

By Bill

Slump Sale Agreement Format Word

On 08, Oct 2021 | In Uncategorized | By Bill

In reviewing the business transfer agreement, Advance Ruling`s administrative authority concluded that a business transfer agreement was structured in such a way that it gives effect to a full sale of assets and liabilities from one company to another. This is a purchase and transfer agreement that covers the details of the sale of the business and its assets. It describes the type of transfer, the type of sale, the conditions of sale and the details of the transfer. The business transfer agreement lists assets, liabilities, capital, contracts, customer lists, leasing contracts, employee insurance, new labor rights, inventory, tax matters, copyrights, and patents. In the case of “Innovative Textile Ltd”. [2019 (4) TMI 1499 – AUTHORITY FOR ADVANCE RULINGS, UTTARAKHAND] is the seller and manufactures textile yarns, fabrics and clothing. The Preliminary Ruling Authority found that the applicant carried out the activities of construction of residential and commercial complexes and their sale and that the applicant undertaking had been set up in particular for that project. In addition, the applicant sold the building under construction as a whole, with all the assets, and confers on the buyer the rights, including the card approved by the competent authority. The buyer acquired the building/store under construction to operate the same type of business as the buyer himself, who builds and sells residential/commercial complexes. In addition, at present, there is no series of immediately consecutive transfers of this activity. In the case “Rajeev Bansal and Sudershan Mittal” – [2020 (4) TMI 67 – AUTHORITY FOR ADVANCE RULING, UTTARAKHAND], the applicant is a partnership company engaged in the construction of residential and commercial complexes.

The company was founded for the construction and sale of a residential/commercial building in Manoharpur village, Jwalapur, Hardwar. The applicant has had the card approved by the competent authority. The covered area was approximately 1.25 square feet of Lakh. A total carpet area of 85 thousand square feet was built up to the date of transmission. Ronav Infrastructure, who worked in the same company, turned to the applicant to take over this incomplete project in order to continue the construction and sale of the building in question. The applicant concluded an agreement with Ronav Infrastructure for the transfer of the activity as a “continuous operation”. The main advantage of the company is the land, incomplete apartments built in the countryside and the approved map. On 24.10.2019, a separate deed of sale for the transfer of housing was executed in accordance with Land law for ₹ 21.80 Crores.. .

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