application to CLB, urgent

This query is : Resolved

Megha Gupta (Querist)
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08 April 2009 Hello Everyone,

in our co the charge has been created of Rs. 9.5 crore with ICICI Bank in 2006. and in 2007 it has been reduced to Rs. 8 crore and then after some time to Rs. 6.5 crore and the co has defaulted in filing form 8 with ROC for modification in charge with in the time limit.

now the point has came to know, please let me know how should i go for CLB approval? what are the other compliances and is there any other alternate to come up with this situation?

CA CS CMA Srinivasan N

CA CS CMA Srinivasan N (Expert)
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08 April 2009 In such cases it is better to file a Fresh Charge with the fine applicable. It is complicated to go through the CLB route.

Megha Gupta

Megha Gupta (Querist)
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08 April 2009 means i couldn't get you. pleaes tell me in depth procedure that i should follow for this.

what to do with the form 8 which we have filed at the time of creation of charge in 2006.

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Megha Gupta

Megha Gupta (Querist)
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08 April 2009 means i couldn't get you. pleaes tell me in depth procedure that i should follow for this.

what to do with the form 8 which we have filed at the time of creation of charge in 2006.

CS SIDDHARTHA BANIK

CS SIDDHARTHA BANIK (Expert)
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08 April 2009 Procedure is as followes:

1.Collect letter of modification of loan from the concerned bank.

2.Then file 'Form-8';

3.Challan generated after filing form 8 should indicate to proceed to CLB for condonation of delay;

4.File application to CLB for condonation of delay, stating proper reason for the delay (for exemple,delay in providing letter by bank due to ignorance of company law procedure etc. )

Thanks,
CS Siddhartha Banik