A Company has availed car loan of Rs.6.50 lacs from Oriental Bank of Commerce. The company has executed the following documents with the bank at the time of availing the loan (1) Agreement of Term Loan (2) Common Agreement (3) General Power of Attorney.
Normally the hypothecation will be endorsed in the RC Book of the vehicle and RC book will be retained by the bank till the loan gets repaid.
The bank officer is now asking the company to create a charge in favour of the bank with ROC. My questions are (1) Whether it is mandatory to create and register the charge with ROC for car loans (2) Is the above documents are enough to file the charge with ROC (Note : The company has not executed any hypothecation deed and has executed only the above documents)