delay in filing of form 17

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2011 Dear All

my client had applied for winding up under Easy exit scheme, we were informed that there is a charge which my client's banker had created in 1998 which was satisfied in 2002 but form 17 was not filed & the client was ignorant about it,now, the client approached the banker for the letter of satisfaction but the banker doesnot have any details about the exact date of satifaction as they do not have such older records. I want to know :

a) that in such a case how can we file form 17 without the exact satisfaction date

b) if we get the date of satisfaction made in 2002, should we file for condonation of delay with CLB.

awaiting for the early response, thank you.

udit sharma

udit sharma (Expert)
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01 January 2011 Hi..

1. In my opinion,as per the provisions of section 138 of the Companies Act, 1956, Form 17 for satisifaction of Charge has to be filed within 30 days from the date of satisfaction of Charge. Hence, it is very important that the No due Letter issued by the Bank mentions the date on which the Loan has been repaid in full.
Any delay in filing the form will have to be condoned by the CLB on a petition made in that behalf.

Regards

CS Udit Sharma