Sub: Dissolution of Partnership firm; A/C- COMPANY 1.
Reference to the above, we would like to inform you that, we are enjoying multiple credit facilities including Term Loans and OD (others) from your bank. Because of internal management problem as well as economic crisis, the factory is closed for last one and half years.
Now we have amicably come into a decision to dissolve the Partnership firm. Mr. X, Managing Partner of the firm has agreed to takeover the existing outstanding credit facilities with upto date interest in the name of his newly formed private limited company- COMPANY 2. with existing terms and conditions. COMPANY 2., in return, will take the ownership of all the movable & immovable assets of COMPANY 1 as well as the collateral project lands (in the name of- Mr. X, Mr. Y and Mr. A) presently mortgage with Bank 1.
Therefore, please approve us to complete the dissolution of COMPANY 1 and also transfer the credit facilities with upto date interest in the name of his newly formed private limited company- COMPANY 2 with existing terms and conditions.
For: “The Lawyers & Jurists”