Irrevocable Power of Attorney (India) by OLL
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Irrevocable Power of Attorney
Know All Men by These Presents That We/ M/s………………a public/private ltd. Company incorporated under the Companies Act, (1 of 1956) with its registered office at…………….through Shri………….authorised by the Board of Directors of the Company vide Resolution dated or Constituted as a Sole/Proprietor ship Concern /Firm under the Indian Partnership Act, 1932 with its principal place of business at……………….through its partners/Namely Shri…………..having executed in favour of the Uttar Pradesh Financial Corporation a Statutory body incorporated under the State Financial Corporation an agreement a deed of hypothecation for Rs……..Rupees…………………………………..only and secured the repayment thereof by deposit of the Corporation empowering the corporation to execute a deed of mortgage in the form of an English Mortgage and have the same registered at the cost of the Company /Firm Concern if and wherever the Corporation find it advisable to do so during the pendency of the liability of the company firm concern to the corporation. Do hereby appoint the Corporation to be its attorney for its and in its name and on its behalf for otherwise for the Company/Firm/Concern for the purpose hereinafter mentioned.
To execute a mortgage in the form know as English Mortgage of the whole of the assets of the company/firm sole proprietor including and building machinery a electric fittings both present and future in favour of the corporation on terms and condition contained in the agreement and deed of hypothecation.
To sign the said deed of mortgage for and behalf of the Company/Firm concern and to have it registered with proper registering authority by admitting its execution and passing of consideration on behalf of the company/firm/concern and for the company/firm/concern.
And also execute and to do all such other acts and things as our said attorney shall deem fit for the purpose of securing the said repayment of the loan by the company /firm concern aforesaid.
To perform and obtain the Income-tax clearance certificate under Section 230-A (I) of Income-tax Act, for and on behalf of the borrower.
To apply and obtain the necessary permission/exemption under Urban Land Ceiling and Regulation Act, 1976 for and on behalf of the borrower, if necessary.
To perform the above functions either through himself for through lawfully constituted authority.
And the company/firm/concern hereby do agree to ratify and confirm whatever its said attorney shall do here under.
IN WITNESS WHEREOF, I/WE…………………………have hereunto set my/our hand(s) this………….day of…………..in the year ………...
(…………….)
(…………….)
Signature
THIS POWER OF ATTORNEY was this………..day of……… produced and executed before me and the within named………….who is ./are known to me has/have acknowledged it to be their/his act and execution.
SIGNATURE AND SEAL OF
THE PUBLIC NOTARY
This template provides an Irrevocable Power of Attorney used in India for securing loan repayments. It authorizes a financial corporation to execute and register an English Mortgage on behalf of a borrower (company or firm) over their assets, including land and machinery.
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About this template
What is this template?
This is a specialized power of attorney used in Indian project finance that permits a lender to unilaterally create a formal mortgage if the borrower fails to do so. It is not a standard general power of attorney and does not grant the attorney the power to sell assets outside of the mortgage context.
When should you use it?
Use this when a statutory corporation requires secondary security through an English Mortgage as a condition of a loan agreement. Use a standard Mortgage Deed instead if the mortgage is being executed directly by the borrower at the time of the loan.
What's inside
| Clause | Name | What it does |
|---|---|---|
| Paragraph 1 | Appointment of Attorney | Appoints the Uttar Pradesh Financial Corporation as the attorney to act on behalf of the Company, Firm, or Concern. |
| Paragraph 2 | Execution of English Mortgage | Authorizes the attorney to execute an English Mortgage covering all assets, including buildings and machinery, both present and future. |
| Paragraph 3 | Registration and Consideration | Permits the attorney to register the mortgage deed and admit the passing of consideration before the registering authority. |
| Paragraph 5 | Income-tax Clearance | Obliges the attorney to obtain an Income-tax clearance certificate under Section 230-A (I) of the Income-tax Act. |
| Paragraph 6 | Urban Land Ceiling Permission | Authorizes the attorney to apply for exemptions or permissions under the Urban Land Ceiling and Regulation Act, 1976. |
| Paragraph 8 | Ratification | Binds the borrower to ratify and confirm all lawful acts performed by the attorney under this instrument. |
Who it's for
- an Indian entity securing a loan from the Uttar Pradesh Financial Corporation via asset hypothecation
- a company or partnership firm granting mortgage rights to a statutory financial body in India
How long it runs and how it's signed
Law it's drafted under
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