charge creation

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Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2010 Dear sir, we are a pvt ltd co., and taken a vehicle loan from our bank . By overlook/mistake we couldnot register charge on it and now we have clear the loan . our banker also knows for for non registation of charge and as the loan is cleared they have not any objection. The loan was taken in last april 09 and cleared in this may 10 .thus we have not registered charge on it we cannot satisfy the same...

Please guide us what step to be taken now....is there is penalty for non registation of charge or registration of charge on this car loan mandotary....

Rasesh

Rasesh (Expert)
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21 May 2010 There would be no penalty. Simply, obtain from the bank a letter that the loan is repaid in full and no charge is required on the asset.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2010 our banker is saying verbally only .can bank give the letter for no charge is required on the vehicle/ assets.

Rasesh

Rasesh (Expert)
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21 May 2010 You don't need such a letter any further since the loan is already re-paid. Hence, obtain a letter which states that the loan is re-paid in full and no charge is further required on the assets of the company in relation to the loan.

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