Creation of charge

Dhara,

It is responsibilti of the company.

In this case companies A, B, C 's responsibilty.

Thank you Mr Jagdish Ji,

But here the property of Company "X" has been mortgage against the Loan Taken by A,B, & C company. Doesnt company " X" will create the charges ??????

Is the charge creation process is complete?

Charge Creation and Charge Registration are different things.

We need to File CHG-1 for Reg of Charges right ?? only one form is required to b filed with ROC right ?? Can u guide me what process you are talking about ?  i am just aware of Form CHG-1 form

Dhara,!

Charge creation is morgaging some property in favor of a lender (bank or financial isitution).

Charge Registration is intimating the ROC about the charge created against the property.

So the morgagee has to file the form and intimate the ROC.

If morgagee failed to do so, the bank has to file the form.

Thank you Jagdish Ji,

My Company has already created the Charge by mortgaging property against the term loan now we have to register the Charge. There is lots of confusion who is requuired to reg the Charge either all the companies ie A,B,C,X or only 'X"

Dhara, !!!

only the one, on whose name, the charge is created.

I think here only Company "X" needs to file form CHG 1 as this form is filed by the company on whose assets the charge is created or by the Charge holder and not by the company who is taking the loan untill n unless the company who is taking loan is creating charge on its own assets.