creation of charge

[santhosh kumar]

hello professional friends

we have created a charge in favor of ABCD Bank. the charge is registered

Now the same property is given as  charge to another EFGH Bank.

the first ABCD Bank gave a letter saying it cede the security created inits favour.

also it also authorizes the company to create the first charge in favor of EFGH Company.

can someone please help me in understanding this.

regards

santhosh

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CS.M.Santhoshkumar
"From the man who always has a Good heart ! "

ॐ सर्वे भवन्तु सुखिनः

 

 

[Jayashree Chandrasekaran]

This letter of ceding of charge means the first banker has no objection for the charge given to the 2nd bank....while creating charge for the second bank this ceding letter forms part of attachment

Jayashree

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C.JAYASHREE
PROPRIETOR
S.GANESH&ASSOCIATES
CHENNAI
98840 17120

[Ajay Saharan]

In this ABCD Bank will exchange pari passu letter to EFGH Bank and on the basis of pari passu letter EFGH  bank will create charge

[csyogan .]

file chg1 (creation) for efgh bank

file chg1 (modification) for abcd bank

regards,
yogan.

On Thu, Dec 4, 2014 at 5:56 PM, santhosh kumar <santho...@gmail.com> wrote:

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[santhosh kumar]

Thanks Jayshree  and Ajay 

understood . But how to handle the modification.

when we select the modification. Then the first charge holder will be moved out of the charge and new one will appear. 

can you pls guide me.

thanking you once again.

[Jayashree Chandrasekaran]

you have to file 2 forms...for the first bank it is a modfication and for the 2nd bank it is a creation...i hope now you are clear

Jayashree

[santhosh kumar]

Jayashree  thank you so much

agree with you to file 2 eforms.

but the documentation(MODT) and every thing is held by the first bank.ABCD .

then how to execute the documents in favour of the EFGH.

we have a letter ceding from the ABCD.

what else will form the part of the documentation.

do we need to execute the all other documents.

thanking you once again.

regards

santhosh

[santhosh kumar]

thank you Jayashree and yogan.

The company law is not very eassy to understand. Sometimes even the simple things look critical.

Thanks to professional friends who timely support.

regards

santhosh

On Mon, Dec 8, 2014 at 1:12 PM, Jayashree Chandrasekaran <jayak...@gmail.com> wrote:

[Jayashree Chandrasekaran]

The company would have entered into agreements with Bank EFGH....the agreement needs to be attached along with this letter....alternatively the EFGH Bank would have entered details in their EM register...the bank can take a xerox and authenticate and give you...

Jayashree