Why do we file Chg-1?

Purpose of the e-Form Every charge that is created or modified by the company is required to be filed in eForm CHG-1 to concerned RoC in case of Indian Company and RoC, Delhi in case of a foreign company.

Can Chg-1 be filing after 120 days?

– The date of creation or modification of charge is before 01.03. 2020 but the timeline for filing , i.e. 120 days has not expired as on 01.03. 2020. Therefore, it is not applicable to cases whose creation or modification of charges was before 03.11.

Can Chg-1 be filed after 30 days?

It is the duty of every Company creating or modifying charge to register it with the registrar within 30 days of its creation in e-form CHG-1. Registrar may on an application made by the Company allow to file such registration within 60 days of such creation/modification on payment of such additional fees.

What are CHG charges?

Every charge that is created by the company is required to be filed in Form CHG-1. The charges can be created on various types of assets situated in or outside of India and may create in favour of lenders such as Banks or Financial assistance.

Can charge be created after 30 days?

According to the provisions of Section 77 of the Companies Act, 2013, a Company has to create charge with the Registrar within 30 days of its creation. However, the Registrar may allow registration of charge within 60 days of its creation on payment of such additional fees as may be prescribed.

Who is charge holder?

Who is charge holder? A charge holder is owner of a legal interest in a particular asset, especially one used as a guarantee to secure payment, e.g. of a mortgage or other form of loan or debt.

Can charge be filed after 300 days?

Can we file Chg-4 beyond 30 days?

4 (a) When the eForm is filed beyond 30 days, user is required to give reasons for such delay and also required to make an application to Central Government for condonation of delay in eForm CHG-8.

What is form chg?

Application for Registration of Creation, Modification of Charge (other than those related to debentures) CHG-1.

Who needs to register a charge?

One of the most common types of security is a ‘charge’ (such as a mortgage) over assets like land or buildings. With limited exceptions, a company is required to register a charge at Companies House within 21 days.

How can I satisfy my charge?

Following Procedure is to be followed

  1. Convene a Meeting of Board of Directors [As per section 173 & SS-1]
  2. File Application for seeking Extension of time limit.
  3. File Form CHG-4 with ROC.
  4. Certificate of Registration of Satisfaction of Charge by ROC.
  5. Make Necessary entries in the Register of Charge.

Who creates a charge?

A charge arises when there is agreement between creditor and debtor that the creditor has an equitable proprietary interest in the secured asset as a security for a debt. When the debt is discharged, the charge terminates.