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Showing posts from November, 2018

New Norms- Charge Creation/ Modification- Series 403

New Norms- Charge Creation/ Modification      Companies Act, 2013 &          Company (Amendment) Ordinance, 2018 Creation/ modification of charge are one of crucial activity for Loan from Bank/ financial institutions etc.   When Companies Act, 2013 introduced at that time Charge satisfaction form required to be submitted with ROC within 30 days of satisfaction otherwise Company have to file application of compounding with Regional Director. However, by Companies Amendment Act, 2017 this limit of 30 days increased up to 300 days as balanced with Creation/ modification of Charge. However, Companies (Amendment) Ordinance, 2018 have changed the period for Creation/ Modification of Charge with tighter time based norms; Section Involved:       Section 77    Duty to Register Charge i.         BEFORE ORDINANCE : As per Section 77 of Companies Act, 2013, Company have to create charge with the Registrar within 30 days of creation of Charge. Provided

Faq’s – IBC – Decided Cases- Series - 401

Faq’s – Ibc – Decided Cases    A.    CASE A: Whether Pendency of Proceedings or initiation of action under SARFAESI Act is a ground for rejection of application u/s 7 of IBC? NCLT Bench New Delhi Bench Corporate Debtor Basic India Limited Operational Creditor Bank of India Dated 12 th October, 2018 FACTS: The corporate debtor approached the applicant (Bank of India) for sanction of various credit facilities to the corporate debtor. Consequently, applicant bank sanctioned financial facilities to the corporate debtor, which had been renewed / enhanced from time to time. The corporate debtor acknowledged sanction of the facilities and the same was continued to be enjoyed by the corporate debtor against hypothecation and mortgage of properties and creation of charge on the entire fixed and current assets of the company. As the corporate debtor failed to pay the debt, the pet