I am a Director in a Pvt. Ltd. firm. The firm already has a loan exposure of Rs. 1 Crore. The firm is not able to meet its working capital requirements and because of it is incurring a loss of Rs. 2.5 Lakhs on a monthly basis. The firm's bank is not giving any further credit facility to the it. There is a property which is registered in my father's and uncles' names. Can we take Loan against that property and use its fund in this firm? If you have any other solution which can help me out in this matter is welcome.
07 November 2018
Yes, your father and uncle can take loan against property but the same can not be given as unsecured loan to your Company. You can consider the following : 1. Issue of Secured Debentures to your father and Uncle, 2. Take a business loan or other loan in Company's name against the collateral or mortgage of the property belonging to your father and uncle
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