MODIFICATION OF CHARGE
REKHA SHARMA
(Querist) 31 January 2009
This query is : Resolved
My query is what will be the date of modification of charge where property already chrged to Bank sold to (Some part of the property)to another charge holder (Of the same property) under the OTS scheme after obtaing prior NOC in this connection from the aforesaid bank .
1 Date of sale deed
2 Date of NOC obtained from Bank earlier
3 Fresh NOC will be obtained from bank for filing form 8.
4 Date of NOC obtained regarding filing of Form 17 .
Reg
Rekha
R.S.Rajesh
(Expert) 06 February 2009
None of the dates referred to therin are instruments/ documents whcih amounts to the modification of charge under Companies Act.The document that modifies the earlier charge is the instrument whcih is required to be obtained from the borrower and the copy of the same is required to be filed along with Form 8, besides the satisfaction of the charge by earlier charge holder/s. The documents referred to are all executed between the parties and does not extinguish the charges already created under the Companies Act. However, if NOC issued also states about the relinqushing the charges created in respect of the property , the same can be made use of for the purpose of modification under the provisions of the Act. For details refer the Sections 125 to 139 of the Companies Act.
