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How tt Submit Form 17 in case of delay

Kishan Reddy (Practicing Chartered Accountant) (103 Points)

23 June 2010

Hello Sir,

pls suggest me a solution

my client is created a charge and satisfied charge in full on 31-3-2009, but we failed to file form 17 in time because the bank is not given "NO DUE CERTIFICATE" in time.

They gave the certificate on 5-5-2009.

can we file now Form-17 stating board resolution number and date.

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6 Replies

(Guest)

No, for the filling of the Form 17, Charge satisfaction letter is compulsory; Moreover, Bankers Digital signature is also required to be done in the Form 17.

In your case after the filling of the Form 17, Apply to the CLB U/S 141, Condonation of delay in the Filling of the Form 17

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Deepak Maharishi (CS) (514 Points)
Replied 23 June 2010

Rightly said by Mr. Ankur.

However, one easy solution to the above which is most practial and widely used is as follows:

Since the company has already discharged the debt, you may talk to the bank and get another no dues certificate with new date (current date) and file the form.

Also, remember that the date on which your debt was discharged should not be mentioned in it. All the banks are accustomed to such practises and advise their clients.

Thanks and regards

Deepak Maharishi

Priti (Company Secretary) (96 Points)
Replied 23 June 2010

I second Mr. Deepak Mahirishi.

This is a better an easy option.

Nitin Grover (CS) (1228 Points)
Replied 23 June 2010

Dear Friend

Second solution is not legal. so in my views dont adopt it because as per Financial position and records of company you have paid the loan upto March 31, 2009

Easy solution is take NOC from bank with the date on which it proived

last and this solution is near about same but its legal because previously bank was failed.

or you should file petition to CLB / NCLT u/s 141 of companies Act, 1956

Regards