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ROC charge creation value

rajesh (MBA) (102 Points)

13 May 2022

I had 3 term loans in a single bank availed at various intervals . Roc index of charges was last updated in the year 2016 for value 56L. Now ive taken another new loan. for 20L ..Out of previous 3 loans 2 are completed in the year 2019 itself, no change made in roc charges.. Now bank is asking to create charge for amount valuing all 4 loans for amount 76 L= 56L + 20L(new loan)., even including the completed 2 loans value. should i do that.is this right procedure. plz advise friends.

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2 Replies

CA Raj Doshi (Practising CA) (8944 Points)
Replied 14 May 2022

The charge is already created in 2016 for 56 lakhs rupees. Now, if the new sanction is in addition to earlier term loans, then file modification of charge form wherein revised loan would be 76. Else, if it is a completely fresh sanction, then new charge creation form to be filed of 20 lakhs only.

Chirag (Professional) (1979 Points)
Replied 19 May 2022

You Have to condone delay for CHG-4 ( For Satisfaction Of Charge , If such 2 Loans were seperated from other open loan ) , If loans were seperated so they were regd with 3 different charge id...if new sanction of 20 Lacs is in addition to current open Loan/Charge then you have to file modification of charge else go for new registration...