Form 8
This query is : Resolved
Ramesh Yadav
(Querist)
26 March 2011
we have a cash credit limit from dena bank and charge is registered for that now we have taken new term loan from same bank
i want to ask whether it will be creation of new charge or modification in existing charge
i want to ask whether it will be creation of new charge or modification in existing charge
28 March 2011
Depends onthe document prepared for the term loan. If the enhancement in limits is by way of a composite document executed between the Bank and the Company, then modification of charge will do.
If the Term loan is obtained by execution of an independent document, then fresh charge has to be created.
If the Term loan is obtained by execution of an independent document, then fresh charge has to be created.
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