05 August 2008
1 what is charge over assets? 2 assets here means only Fixed assets only or debtor and stock also? 3 what is first charge and second charge ? 4 If assets is of Rs.1000 Does it means 1st charge on cash credit account of Rs. 300 2nd charge can be created of Rs. 200 ?
18 October 2008
1. Charge nothing but an encumberance created by a creditor over an asset the liquidation of which will give him a priority to settlement of his dues. 2.It can be on all assets. 3.First charge is priority no.1 and second charge is priority no. 2 as to settlement of dues to creditors in that order on liquidation of asset. 4. Yes.
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