Charges u/s 125 of the companies act 1956
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 December 2011
The Company has created charge on its Current Assets with one bank. Now the company is created charge on all the current assets with another bank without obtaining NOC from the first charge holder.
What will be status and stand of the new charge holder who is not aware of the fact
What will be status and stand of the new charge holder who is not aware of the fact
23 December 2011
If the Charge is required to be registered by filing Form 8 or 10 then and same has been filed then it is deemed notice to the Public and company is no more require to make known to the charge holder.
But the charge is completely valid against both the charge holders but is invalid against Liquidator and other creditors. If charge is registered then charge holder gets priority in repayment of amount secured as compared to charge which is not registered. But it is noted here that this rule is apllied only in the cases where charge is required to be registered under section 125 (4).
The status of charge is valid against the company.
But the charge is completely valid against both the charge holders but is invalid against Liquidator and other creditors. If charge is registered then charge holder gets priority in repayment of amount secured as compared to charge which is not registered. But it is noted here that this rule is apllied only in the cases where charge is required to be registered under section 125 (4).
The status of charge is valid against the company.
23 December 2011
For More clarification:-
Please let me know what are the current assets on which charge has been created or
specify whether charge is required to be registered or Not as per Section 125(4)?
Please let me know what are the current assets on which charge has been created or
specify whether charge is required to be registered or Not as per Section 125(4)?
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