Cos. Act 2013 Chapter 6

Cunrter- 6 Section 2(31)' Charge means an interest or lien created on Assets | Property OF #he company oe Gny of its undertaking. OF both a a Security and includes @ Mortgage: Ps i Fixed Charge + % Created On Specific Assets & These Specific assets ave of ‘pemmanent nature. lie land ang OFFice Machinery. Th es # Qusch qye L mi * Usually Cratd by Way of Mortgage. a borrowing company is Pomitted fo sel] Such asiets on whith. Fixed charge 18 Cvrated only Offer skin foment OF Chorgcholdes” Je * fixed Change is vacated When Money borrowed Against the Gisets” Subject to fixed charge is CHARGE | Floating Charye % Created on Class OF Ascts, Mature, like Raw wencra, SHolK-in-trade, debtOws, borvowin: Company is permitted to use them for trading or produdng Fh. ¥ The buyer of goods get it Free of charge. at When the Crtditor ¢nfores_the Security, OY company goes into Tiguidation On all the Assets available on that date.Crystallization of Floating Charge t= MEMORYRTETHNTOVE ‘— Job Jab Company TSWR ko pyar ho Jayegi_4ah Floating charge Fixed Charge Mai _Cofvert ho jayega T+ Insolvent Si: Stopped it: business W? binding up Ri Defau} in Repayment Section 37 :— DUTY To REGISTER CHARGES % Aheve G COmpany creates @ charge on any Property | Asict, it Shall be Company's responsibility to regilte Such charge. %Chayge may be created on - Movable ov Immovable + Tangible or Tntangible Situated in India oy outside * 7”? * Charge Shall be registered with Roc within 3odays of its cation in such 9% form and manner os may presivibed % TE not aegitieed within 30 days, Company may rmdke an application to _Registyar for _condonation OF delay. The Registtay May allow Regiit=ation ff Charges After, 30 days OF its creation but” within bo days From ‘date of its Creation on payment of additonal Fees aw may be prtscvibed. LE charge i) Not vegistercd Within 60 days From date OF its Creation, the Registrar May oN an applicattan allow such yeyurration 40 se gyads uaithin Further 60 days ake payment of such Adyolovem Fees Means Feces charged 09 the basis of value OF ox Fees chargedQuick Summary: Resist chovge within 30 days + Fees b TF not segijcied within 30 days After oe of 40 ROL, Register cot UF nob Fegiltewd Within 6o jaye From date Of it cxeahOn within + +t Certificate OF Registration :- On Registration of Q Charge, Company Shall jsue q Certificate oF Registration of Charge CHG-2 40 the Company, This Certificate Shall be isucd to CHG J Oy CHG 9 Cin case of debenture) + Declaration Signed by CS OY Divector that such beladed” Return Filing shalt not adversely Gffect vighis “of any other contraverding cretitos J Regisixar ON being Satisfied that Company has For beladed Filing only thenCHh-2 - Certificate of Registration) Modificatson Shall be jtiucd by Rol, ——% Conclusive evidence, Section 78 t= Applicaton ak Reysaion a chge by ¥ to gct the charge Registered Within ~ 30 davs, from date of it Creation. % TF Nat _regisicred —® Secon 78 gives Power to Chargchalder to get yegistered the same. Jn Other uvOrds, the _perion in whose favour Charge 3s _cveated May gcr it veyistered with ROC, by making an application Along with . inktrument of Charge % After relving Qn application From dhe thargehoider Registrar hal] give notice 410 Company TF no Objectton is \ cceivtd by Company within 14 days After giving Nore 40 LOMpany Registrar shall Register the chenge, % The Registrar Shall ot Allows such veginixttion by charge holder if —> | t 1 Company itself vegisters Charge TF Company shows sufficient cause why Such Charge shalt Not be ¥egiltered. * Recovery of Fees. Uhere charge Is registered by Chargcholder's Application | Chargchalder shail be entitled to Recover Fees Ov additonal fees paid by him Fem CompanyThis Section dealer with deemed notice OF Chavge Whese Any Charge is created on Assets Or Property ow Undertakings uls 2% —— >" pevton acquiring Such charged fuschs | Propaty | undevtaking . shall deemed 70 have Nottie of ~ charge Created From date of such vegi stration. # This provision hat. Cauioneay ef Feat % Every pewson needs 40 be cautious kihen he desives to acquire gn asset ov Property Of company and must cnquise ihether the asse# Or Property is SAbjcct tO any charge Gy NoF by guINy through yeeord OF Charges mainfained “af Registrar OF Fice, befoxe entering into transachan. He In case he enters into transaction withOouk Making — enquiry and latew on Suffers ny Joss” because of charge. he cannot succeed Sgains+ company For incurring ldss. ‘Section 39€4) 8© In case of a Property, Where Charge is Already CxCAted iS Sold, With permission of chargeholdey KK this is the responsibility ot the compan aquizing it to yet dhe Charg¢ aegisteded in auorddnce with Section 74, a Jn other words, the carlicy charge should pe vacated and a new Charge Should get ¥egistered by the (OMmpany Acquiring it © Modification Includes variation In any Of the terms and conditions OF agreemense BK vate % change tn repayment Slhedule of loan * Ceding a Pari- Pasu Charge % POvhal Release of thtige ona PArH ular asset Some examples = * Change in ate Of Inieveat [Osbey ian)‘Tssue a. ceHiFIGHE GF Modification 8 The Regstvar Sha issve a Certificate of modification of charge in Form CHG 3. + Conclusive evidence “Section 82 3= 8 "there Q wegisteved charge is paid ov satisfied in full, the Company Shall give intimation to Registray jn (Gr Y The intimation Shall be Given within 30 days from date oF payment or SatisFacHon. 2 Where G registered Charge ts paid ov Salisfied an Full, Within 30 days , the formpang Oy chargeholder may make an application for (ondonation of do Registrar. clay The Registvay May Allow Such indmation OF payment or SQHsfacHon 40 be” made Within 300 days From date of Satisfaction of Chayge. with ddditional Fees 3 may he Prescribed. 32 on Receipt OF intimation by @mpany ——> Registrar Shall dive i 4 any noe? to Chorycholder to Show (ause Gs +6 Lahy the Satis Faction of (hary¢ shall not be yegistered Uv VF no any show cause nonce by charychoider Within TY days. dhe Registrar Shafi — (a) Record satisfaction OF chorgt Gn_egistex OF Chavges (6) inform the company that charge hasbeen Yerorded.© Notice to Chargcholder is not vequired ‘intimation js_made by company in _patstvibed Form and Ker (d)_ TF cawe Shown by Chazgeholder ——>_ Registrar Shall record @ note in that cf Fect in Register of Charges And inform the company ©) The Registrar Shall issue OF Costificate oF Saiwfation in SHS & +e The Sfstument caeatng a charge or pea ‘heen i pecserved for Q perio oF Be he 1) Ch may order to rectify Register OF charges in Following two cases. I GD Where these pa GD} an: at lays itd ) within Speci Such Filing may be time (30 days | 300 days OF of of Charge Cheurg e Charge (Refer next Paged* BEFORE, 15 directing ther time for giving iMimation of Satisfaction Of charge shail be extended, 2) omission or mis Seamer Shall be vectiFied. the Ch needs 40 be satisfred dhat Si a lt was accidental, duc to Some Other sufficient cquse.ar it did not prt-judice— the position of creditors Ov Shaxcholdens4y “The application Shall be Fiied by company in CH=} 40 the Ca. ‘ a [a any particulars in__Ciny Filing Previously recorded iF Such Filing iS _Not with “Registrar, within 300 days from date oF Such payment) sstisfation (Gection 93) = Power of Registrar to make entvits of satisfaction and releqse “in absence OF Intimation From company W) Where the property in Which Charge was Crtated ju sold to thivd Party, and neither the company” No» the chavgcholder has intimated the Registrar regarding Satisfaction “OF cavlier charge And Registray is Satisfied on the basis of evidence Produced before him, — that in _-yelation 4o 4 wegistetd charge — + v y The debt has been ‘The property Charged The Property charged then. he _may_enter in Register OF chenges Registrar)“Seetin 4 .= Tnsimation a appeintment ak Recies ar @ I ©. ] TF any person Obtains an Order TF any penton Appoins such yectiver gr & Perion under For appointment of OF 4 pevion fo Receiver = manage the Qny_ power contained Property whith inthe jnstvument i Subject fo Chawge shal give Notice of Such appointment 4o Ge Ro: Q\ong with Copy OF order of insiaument + wilhm 30 days “From passing of Order Gy making OF uppaintment’, 8 the case may be, = # In tun, Registrar Shall register particulars oF the Aectiver, prison or instrument” in yegiste oF charges. On ceasing to hold SYch appointment the perion appoint d Above Shall__give Q Note +o Company and Rot. In turn, Registrar Shall register Suth Notice Note: Section 86 S— PUNTSHMENT.

Cos. Act 2013 Chapter 6

Uploaded by

Copyright:

Available Formats

Cos. Act 2013 Chapter 6

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Cos. Act 2013 Chapter 6

Uploaded by

Copyright:

Available Formats

You might also like