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Filing of form chg-1
We have taken loan from the Bank for purchase of Vehicle, and the vehicle purchased out of the loan taken form the Bank, in favor of the Bank, is filing of Form CHG-1 is necessary in case of Hypothecation of Vehicle in favor of the Bank?
Replies (2)
As per the Sec 2(16) Charge means an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage.,
Since you have taken loan by hypothecating the new car in favour of bank You are required to register charge with ROC in form CHG-1 within 30 days of creation.
Regards,
Arjun Rajagopal
Thanks Arjun
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