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ROC Charge Creation

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2010 Hi all.

I have two queries:

1. What are the effects of filing a pari passu charge (Form 8) without getting NOC from existing chargeholders.

2. Whether such charge is considered to be regular after receiving the NOC. If no, then what is the procedure for regularization of such charge.
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Ankur Garg

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Ankur Garg (Expert)
23 September 2010 NOC from existing charge holders is not a legal requirement according to me.

If the charge is alteady registered in favour of existing charge holder then existing charge holders shall have priority over the second charge holder.

However if NOC is a kind of pre-condition from existing charge holder then you should collect the same.

From ROC's point of view your form 8 is fine.

Regards
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