Charge not created.
This query is : Resolved
18 September 2008
A Pvt.Ltd.company took a secured loan from a public sector bank. Charge is not registered with the concerned ROC. The company is unable to payoff the loan. Can the bank take recovery proceedings /action against the Directors of the company under the companies act,1956.
18 September 2008
Charge not registered will render the charge void against the liquidator or creditor. But that does not prejudice the obligation of the borrower to fulfill the contract. But where is the question of proceeding against directors if they have personally not guaranteed?
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