Query in form 8 for reduction in aggregate limits

This query is : Open

Guest

Guest (Querist)

30 April 2012 Dear Friends / Experts,

Please do the needful.

ABC Limited has taken various loans. For example, TL1 10 Cr, TL2 20 Cr and
TL3 15 Cr, which comes to aggregate limits of Rs.45 Crores.

It may be noted that company has filed Form 8 for the above TLs under the same charge ID.

Now, company has made full repayment of Rs.10 Crs and obtained a No Due Letter in respect of TL1 10 Cr.

Query

Whether company should file Form 8 in respect of the TL1 Closure or for reduction in the aggregate limits.

Ans : ………………….

What should we fill in Field No.9. Nature, description and brief particulars of the instrument(s) creating or modifying the charge.

Ans : …………………. (Should we fill Term Loan Closure Letter is the instrument for the modification of charge).

If above Form 8 is not applicable,
Whether company should file Form 17 in respect of the TL1 Closure even though all Term Loans have been taken under the same Charge ID.

Ans : ………………….

I will wait for your views.

Ajay Mishra

Ajay Mishra (Expert)
Follow

01 May 2012 Hi

Just clarify me, whether you have filed Form-8 showing 45 cr or 10, 20 or 15 as a loan against which charge have been created..

Please clarify.

Guest

Guest (Querist)

01 May 2012 Dear Friend,

Thank you so much for your response.

May I request you to see the 3rd para (after salutation) and advise, if possible.

Upgrade to CAclubindia Pro. Subscribe Now!