Creation of charge - roc

This query is : Resolved

chandervesh arora (Querist)
Follow

07 January 2013 -
..................................................................................................................

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

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.

Message likes : 1 times

chandervesh arora

chandervesh arora (Querist)
Follow

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

P.S.Harishankar

Rasheed Mohd Abdul

Sapan Kumar Nayak

Mohammad Abdu Fayaz

bhagat ram goyal

Subscribe Now

Creation of charge - roc

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

CA Final

GST CONSULTANCY

Manager- Finance and Compliance

Accountant

GST CONSULTANT