Yogesh Shah (Managing Corporate Finance) (1051 Points)
12 July 2010Is form no. 8 applicable if Cash Credit facility commenced in co-operative bank by mortgaging immovable property and company stock?
However, main point is that CC account is created in February 2008.
So, if applicable, is it proper to file it now? Company is private co with cap of 1 lac only.
Deepak Maharishi
(CS)
(514 Points)
Replied 12 July 2010
Dear Yogesh,
In terms of Section 125, any charge created on the security of the company shall be void against the liquidator and any creditor unless it is registered.
In your query, the charge is to be created as it is secured by company's immovable property and stock....so in the Form 8 you will have to tick both on "immovable property" and "charge not being pledge"
As far as late filing is concerned as you said the charge is of 2008, it will come under CLSS and the respective provisions shall apply accordingly.
Thanks and regards
Deepak Maharishi
Nitin Grover
(CS)
(1228 Points)
Replied 12 July 2010
Dear Yogesh
agree with Mr. Deepak. You have file a petition to CLB / NCLT u/s 141.
So upload form 8 and it will intimate you to file petition to CLB.
Regards
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 13 July 2010
Mr. Nitin ...
Thnx ...
Today only when I went to ROC office they told me the same. Now, im going to search on MCA site what I have to file
means which particular form is there containing 'Petition to CLB for condonation of delay'.
Nitin Grover
(CS)
(1228 Points)
Replied 13 July 2010
Dear Friend
upload Form 8 on mca website they will generate challan and intimate abt to file petition with CLB.
After this only you can file petition. so upload the form and then file petition.
Regards
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 13 July 2010
Under Section 141, CLB has been vested powers to condone delay and grant extention of time for filing of particulars of charges or satisfaction of charge if the company has not filed form 8 within 60 days for creation or modification and form 17 within 30 days for satisfaction of charge.
The procedure of filing petiiton is as under:-
1. Convene a Board Meeting to aprove the proposal for making an application to the CLB.
2. A petition is prepared for submission to the appropriate Bench of the CLB along with prescribed fee and no E form has been prescribed. Petition is prepared in form 1 of Company Law Board Regulations, 1991.
3. Following enclosures shall be annexed to the petition:-
i. Three copies of agreement creating/ modifying charge.
ii. Affidavit in form 2 and 6 prescribed by the CLB Regulations, 1991
iii. Treasury Challan/ DD evidencing payment of prescribed fees.
iv. Memorandum of Apperance in form 5 of the above rules in respect of the person authorised to appear before the bench.
4.After filing of petition, individual notices should be served on such persons as the Bench may direct. Evidence may be taken by the Bench to satisfy itself about the facts. [capital finance co. ltd.]
CAclubindia
