Company Law-Charges

Hi,

Whenever a charge is created on any property the same is required to be registered with ROC through filing of form 8.

You may also create second charge on same property and get it registered with ROC.

Where both the above charges registered with ROC then first charge shall have the priority over the second charge.   

In case you fail to get the first charge registered in your favour but second charge get registered with ROC then in that case second charge shall have the priority over the first charge.

This is the situation where subsequent charge gets priority over the first but unregistered charges.

Regards

Please find attach my company law handout and visit page No. 14, 15 and 16 to understand the concept of priority.

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Charges - Company Law

Charges not required on directors property.