As per Section 77, a Form for creation or modification of Charge can be filed within 120 days from the creation of charge with an additional fee and/or ad valorem fee.
MCA has given relaxation of the period for purpose of calculating the above period of 120 days for filing of charge related e-forms.
Highlights of relaxation are below
I. Relaxation is bifurcated into two categories i.e.
(i) Charge was created / modified before 01.04.2021 and the timeline of 120 days have not been elapsed before 01.04.2021;
(ii) Charge was created / modified between 01.04.2021 to 31.05.2021 (both inclusive)
II. Period from 01.04.2021 to 31.05.2021 (i.e. silent period) shall not be counted for purpose of calculation of maximum period of 120 days
III. Silent Period shall be excluded for purpose of calculation the additional fee and/or ad valorem fee.
For illustrative purpose, please refer the given structure to understand the original due dates and relaxed due dates if the charge was created / modified before 01.04.2021.
Tags :corporate law