Non registration of charge?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2013
Incase the Borrower (company) dont rergister the charge delibrately, what are the consequences and what are the remedies available for the borrower and lender as well?
thnks in advance :)
thnks in advance :)
Ajay Mishra
(Expert)
16 June 2013
Hi
If default is made in filing of any charge created by the company or of the payment or satisfaction of a debt in respect of which a charge has been registered or of the issues of debentures of a series, requiring registration then, unless the registration has been effected on the application of some other person, the company, and every officer of the company or other person who is in default shall be punishable with fine which may extend to Rs.5000/- for every day during which the default continues.
In case of default in compliance of any of the other requirements of this act, the company, and every officer of the company who is in default, shall, without prejudice to any other liability, be punishable
with fine which may extend to Rs.10000/-.
If default is made in filing of any charge created by the company or of the payment or satisfaction of a debt in respect of which a charge has been registered or of the issues of debentures of a series, requiring registration then, unless the registration has been effected on the application of some other person, the company, and every officer of the company or other person who is in default shall be punishable with fine which may extend to Rs.5000/- for every day during which the default continues.
In case of default in compliance of any of the other requirements of this act, the company, and every officer of the company who is in default, shall, without prejudice to any other liability, be punishable
with fine which may extend to Rs.10000/-.
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