Default in charge creation.

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Neha Sanjay Sarawagi (Querist)
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13 December 2012 A company defaulted in filing charge documents by one year. What are the steps it has to take to comply with the law. Why Form 61 needs to be filed and wat is form 21 about. will there be some kind of petition?
Please Help.

Sreejith Raj

Sreejith Raj (Expert)
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13 December 2012
As per section 125 of the Companies Act, a registerable charge u/s 125(4) created on the assets of the company has to be registered with RoC with in 30 days from the date of creation of charge and otherwise the charge will become void against liquidator or creditors. The charge can also be registered within thirty days next following the expiry of the said period of thirty days on payment of additional fee. If the company has failed to register the charge within the time prescribed above, the RoC cannot register the charge and the Company will have to approach the Regional Director, MCA for condoning the delay in registering the Charge.

The procedure for fling the petition u/s 141 for condonation of delay is provided in the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2012, which is available at the below link.
https://www.mca.gov.in/Ministry/pdf/G.S.R(E)_011_10_07_2012.pdf

Now, why form 61 has to be filed with RoC. The reason is that, in the Sec 141 petition, the petitioner will be the Company and the respondent will be RoC. As per the procedure given in the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2012, the petitioner shall serve a copy of the petition, reference or application on the respondent or respondents, as the case may be, and produced evidence of such service. To meet this requirement of the Rules, form 61 needs to be filed with RoC.

Neha Sanjay Sarawagi

Neha Sanjay Sarawagi (Querist)
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13 December 2012 Thank You Sir.

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