Filing of Form CHG-1 without Mortgage Deed

[Jaya Singh]

Dear All,

The bank has created mortgage on the property of the company for providing Loan  by way of deposit of title deed however no mortgage deed was executed. The company has  provided a sanction letter and an unsigned Mortgage declaration on a plain paper for filing Form CHG-1.

Format of Mortgage Declaration

No instrument was executed but a mortgage by way of deposit of title deed was done on 30.12.2023 to create Exclusive charge by way of Equitable Mortgage, in the form and manner satisfactory to the bank, on________________(address of the property).

My query is that whether Charge can be created without executing and attaching Mortgage deed.? 

Thanks & Regards,

Jaya Vinay Singh

Practising Company Secretary

[Vineet Maheshwari]

yes as no Mortgage deed is executed, only title deed is deposited with bank

Yes, you can attach the said declaration along with Sanction letter + Board resolution.

Sometimes, banks also issue a declaration of deposit of title deed, confirm from the company if the same is given then you can attach the same.

Thanks

Vineet Maheshwari

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[Jaya Singh]

Thanks.

Thanks & Regards,

Jaya Vinay Singh

Practising Company Secretary

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