We took term loan from Bank (Rs. 10 Crores) and executed Deed of Hypothecation besides CHG1 on MCA Portal.
The values of hypothecation / charges were much higher (Rs.25 Crores- as Building can not be split).
Now, we are taking term loan of Rs.5 Crores from same bank and are ready to to execute Deed of Hypothecation. However, since our first ranking exclusive charges get revised at Rs.15 Crores - while our mortgaged building has a value of Rs.25 Crores.
Should we opt for re-execution of the Deed for the differential value?
CHG1 -can it be revised from Rs. 10 Cr to Rs.15 Cr- the underlying building has a market value of Rs.25 Cr.
Please guide.