Certification of Charges -straight / pari passu on bank term loan

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385 Points Joined June 2021

We have already executed certificate of registration of charge for bank loan. Currently Bank is changing terms and condition. Does it require any amendment of charges on MCA Portal -while overall charges amount alredy covers loan amount

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On 21 October 2024 at 17:24 Report
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Master in Accounts & high court Advocate
9047 Points Joined December 2011

If the bank is changing the terms and conditions of the loan, it may require an amendment to the charge registered on the MCA Portal.

 Even if the overall charge amount already covers the loan amount, the changes in terms and conditions may impact the security interest or the rights of the bank.

You should review the original charge registration and the amended terms and conditions to determine if any changes are needed.

Consider consulting a legal or financial expert to ensure compliance with the Companies Act and relevant regulations.

Some possible scenarios where amendment of charges might be required: - .

Change in loan amount or interest rate - Modification of repayment terms - Addition or removal of security - Change in the borrower's or lender's details

To amend the charge registration on the MCA Portal, you'll need to file Form CHG-1 (Notice of alteration or modification of charge) and attach the amended charge document. Additionally,

you may need to obtain the bank's consent or approval for the changes. 

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On 21 October 2024 at 21:49


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