Creation of charge and filing form 8

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Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2013 A Pvt Ltd Company has taken term loan of Rs. 15 lakhs against Equitable mortgage of Land & building

And CC of 30 lakhs against hypothecation of Goods.

so we have to file 2 different form 8 , for mortgage and hypo.
both the term loan & C.C. taken from same bank,

Ajay Mishra

Ajay Mishra (Expert)
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05 December 2013 Hi

If sanction letter is same for the both of the loan amount then charge will be same. You have also made an instruments on the same date for Rs. 15 lakhs and Rs. 30 Lakhs.

If both have different dates then charge will also be filed in two form 8.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2013 thanks sir, but if as per the sanction letter
"1. Exclusive 1st charge by way of composite hypo. Agreement signed by the Company and its Directors thereby creating first charge over the current assets i.e. raw materials, stocks in process and finished goods spares and plant and machineries of the Company and receivables of the Unit "

2.1. EM of Factory Land and proposed Factory Building there up on with

i.e. all the security is taken compositely. i.e to cover both CC and Term Loan
then how to deal with the same in filing form 8, and both the deed are on different dates

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Ajay Mishra

Ajay Mishra (Expert)
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05 December 2013 If both deed are on different date then Form-8 will be two because in Form-8 you will mention the date of creation of charge against property. So check the date of instrument of creation of charge.