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. In reviewing the business transfer contract, the preliminary decision authority found that the seller had complied with and did not violate all applicable federal, regional and municipal laws, with laws and regulations affecting the seller`s real estate or the seller`s operation. A business divestment agreement is structured in such a way that it results in a complete sale of assets and liabilities from one entity to another. It is a form of purchase and ownership contract that records information about the sale of the company and its assets.
It describes the nature of the transfer, the type of sale, the terms of sale and the terms of the transfer. The business transfer contract lists assets, commitments, capital, contracts, client lists, leases, staff insurance, new labour rights, inventory, tax issues, copyright and patents. When you buy assets in a business, you are not buying the business yourself, but only one aspect of it. This can mean a product, a client list or some kind of intellectual property. The company retains its name, commitments and tax returns. 1. Store sales. The seller undertakes to acquire the transaction described above, including the rental of these premises, the acting good of the business as a current business, all the rights of the seller under its contracts, licenses and agreements, as well as all assets and real estate that are owned and owned by the seller and which are held and operated in a Transaction covered by Schedule A, with property other than that expressly excluded. This sale does not include the available liquidity or, in the case of the banks, at the time of closing or any other real estate listed in Appendix B. Advance Ruling Authority found that the applicant intended to sell Sitarganganj`s current business at the same time as all of its assets and liabilities, and that Sitarganj`s business in question is live/operating.
The buyer bought the Sitarganj store to handle the same type of business. As at the time, there was no series of instantaneous transfers from the aforementioned transaction. Selling your business is a big decision with significant financial consequences. Your company`s sales contract should be the end product of careful structuring and negotiation, not the most unshakeable product of a process beginning with an online form.
