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Creation of Charge with ROC

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(Querist)
26 September 2008 what are the consequences of non creation/modification of charge with ROC within the stipulated in case of Bank Audit. Will the credit facility in excess of charged amount be treated as clean OD, and if yes, can the account be categorised as NPA.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
30 September 2008 In that case the asset, if sold, will give a title under the available terms and amount of charge and the acquirer may not be held liable for dues beyond that amount.
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