This article discusses a decision of the Allahabad Supreme Court in the case of Kotak Mahindra Bank Limited against. State of UP &Ors.3 (“Kotak case”) in which it has been found that an act of assignment referred to in section 62(c) (transfer) of Schedule 1B of the Indian Stamp Act, as applicable in Uttar Pradesh (“UP Stamp Act”), is subject to stamp duty, contrary to section 23 (transfer) of Schedule 1B of the UP Stamp Act. 10.3. With the conclusion of the agreement, the parties agree on essential elements of the debt redemption agreement. The terms of the debt buyback agreement are included in the terms of the agreement and therefore there is no need to enter into a separate agreement on the redemption of the claim. From the date of payment by the credit operator of the redemption price referred to in clause 10.4 of the General Terms and Conditions of Sale, the contract for the redemption of the claim is deemed to have been concluded, unless otherwise expressly provided in the agreement. Some national governments, such as those of Rajasthan and Tamil Nadu, have reduced stamp duty due to the nature of the financial asset allocated. In Rajasthan, stamp duty for the allocation of standard assets has been reduced, while in Tamil Nadu, stamp duty has been reduced for the allocation of non-performing assets and the allocation of assets to ARCs. 188.8.131.52.
amend the loan agreement or conclude additional agreements in accordance with the provisions of clause 6.7 of the General Terms and Conditions of Sale; Section 11 of Schedule 1B of the UP Stamp Act provides that a deed of assignment may be collected either in the form of a transfer or a transfer or transfer of leasing to stamp duty. The Tribunal found that the instrument was not a transfer or a transfer. Until now, the practice of the market has been to stamp the deed of assignment of debt in accordance with the corresponding article for the transfer in the current stamp law. Indeed, in countries like Maharashtra, the government has issued notifications aimed at reducing stamp duty on a deed of assignment in accordance with the transport article. Purpose of the contract 2.1. The contract is concluded between the transferee, the credit operator as transferor and the portal (IUVO) as the representative of the credit operator and host of the portal. On behalf of the credit operator, the portal shall finalize this agreement as the representative of the originator of the credit. The assignee is aware of this and agrees that, in accordance with the cooperation agreement between the portal and the credit entity, the credit operator is a debt agent. A detailed breakdown of the rights and obligations of the credit operator or portal is set out in point 5 below. 2.2. The credit operator shall transfer (assignor) to the borrower the claim on the borrower resulting from the loan agreement, in accordance with the contractual contract, on the exposure price indicated in the main conditions of the contract. 2.3.