Satisfaction of charge

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Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2013 A company had taken loans from a bank and created charge on it. Now the loan is over long back but the charge is not satisfied yet. Now the company wants to satisfy the charge, so what can be done? Please guide me in this matter

Ajay Mishra

Ajay Mishra (Expert)
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04 February 2013 Hi

Take a letter of satisfaction from bank and attached the same with Form-17 and file within 30 days from date of satisfaction.

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2013 Thank you Sir,
But there are approximately 50 loans over a period of 35 years which are over as of now but not yet satisfied. Filing form 17 for all of them wont create an issue?? Can ROC penalise as these loans were repaid much before and charges being satisfied now.
Please guide me on the same.

Ajay Mishra

Ajay Mishra (Expert)
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05 February 2013 Hi

If you have created charge and file Form-8 with ROC then it is mandatory to to satisfied them by filing Form-17 otherwise you will face compounding for all cases.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2013 Thank you Sir for the help

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