Creation of charge - roc
This query is : Resolved
chandervesh arora
(Querist)
07 January 2013
-
..................................................................................................................
..................................................................................................................
08 January 2013
Even though charge u/s 125 is required to be registered in case of a security of assets of the company, in this case bank is right in their approach since legally and practically though the property under pledge does not belong to company, yet the loan is given in the name of the company to purchase P&M. Therefore, bank is right to insist charge creation as otherwise the bank will not be able to enforce charge in its favour in case of default even on director's property.
But since you have repaid your occ already and no more OCC exists as of now, you may talk to the bank in this matter and convince them that now since the OCC itself has been repaid in full, there is no point in creation of charge with the ROC with penalty and then filing satisfaction of charge. But if the bank still insists, you may have to file the same since legally the bank is correct in its approach. Wait for other opinions.
But since you have repaid your occ already and no more OCC exists as of now, you may talk to the bank in this matter and convince them that now since the OCC itself has been repaid in full, there is no point in creation of charge with the ROC with penalty and then filing satisfaction of charge. But if the bank still insists, you may have to file the same since legally the bank is correct in its approach. Wait for other opinions.
Message likes :
1 times
chandervesh arora
(Querist)
08 January 2013
............................................................................
Message likes :
1 times
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Advances to related party
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Capital Gains Tax on Inherited Mutual Fund
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
- 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
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
