Charge under the companies act, 2013
This query is : Resolved
30 March 2016
Dear Learned Members,
ABC Pvt Ltd has availed a Term Loan of INR 5 Crores from its Bankers at certain terms and conditions. The company had filed e-form 8 under the old Act for charge creation.
Now the Company has availed a Foreign LC/Buyer Credit of INR 10 Crore. However, the repayment terms, margin, collateral are different from the existing one.
Therefore, would this amount to Modification of the existing charge or a fresh creation of charge?
Thanking you in advance.
ABC Pvt Ltd has availed a Term Loan of INR 5 Crores from its Bankers at certain terms and conditions. The company had filed e-form 8 under the old Act for charge creation.
Now the Company has availed a Foreign LC/Buyer Credit of INR 10 Crore. However, the repayment terms, margin, collateral are different from the existing one.
Therefore, would this amount to Modification of the existing charge or a fresh creation of charge?
Thanking you in advance.
CS Ankur Srivastava
(Expert)
01 April 2016
If this is a fresh loan then fresh form for creation of new charge will be filed.
However, it is the new limit within the approved loan or limits have been revised, then the existing charge will be modified. In most of the cases Charge need to be modified in the above cases.
However, it is the new limit within the approved loan or limits have been revised, then the existing charge will be modified. In most of the cases Charge need to be modified in the above cases.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
