From 17 - satisfaction of charges - time limit

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Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2010 A pvt ltd co. has closed the term loan taken from the bank (for which form 8 was duly filed) and the bank has issued the certificate for closure of loan. Kinldy let me know the time limit within which the Form 17 for Satisfaction of charge is to be filed? If there is any delay, shd we file petition to CLBfor condonation of delay?
thanks & regards

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 August 2010 The company must notify the fact to the ROC with in 30 days from the date of such payment or satisfaction. The ROC has no power to condone the delay for filing satisfaction of charge beyond the period of of first 30 days with in which a satisfaction of charge is to be filed. In such cases the company has to move petition before the CLB.

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