Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013
The scheme shall come into effect from the date of issue of this Circular i.e. 17-06-2020
As per the provisions of the companies Act the Charge holder required to File Form related to Creation or modification of Charges within the timeline as follows:
| Section | Particular | Time limit for filling CHG1/CHG-9 |
| Sec-77 | Duty to register Charges | 30 days |
| Sec-78 | Application for Registration of charge | Extend for 120 days |
On the Account of Pandemic caused by the Covid-19: Timelines related to above filling suitably relaxed.
The details of the Scheme are as under:
B. RELAXATION OF TIME:
1. If the date of Creation or Modification of Charge is as per SITUATION 1 (as in shown in Figure 1), then the first day after 29.02.2020 shall be reckoned as 01.10.2020 for the purpose of counting the number of days within which the form is required to be filed under section 77 or section 78 of the Act.
2. If the date of Creation or Modification of Charge is as per SITUATION 2 (as in shown in Figure 1) and not filed within such period (i.e. 0 1.03.20 to 09.20) then the first day after the date of creation/modification of charge shall be reckoned as 01.10.2020 for the purpose of counting the number of days within which the form is required to be filed under section 77 or section 78 of the Act.
C. APPLICABLE FEES:
D. NOT APPLICABILITY OF SCHEME, IN FOLLOWING CASES:
a) If Form CHG- 1 and CHG-9 had already been filed before the date of the issue of this Circular.
b) The timeline for filing the form has already expired u/s 77 or 78 of the Act prior to 01.03.2020.
c) The timeline for filing the form expires at a future date.
d) Filing of Form CHG-4 for the satisfaction of charges.
DISCLAIMER: The Notification Summary is based on the relevant MCA Notification dated 17- 06-2020 and as per the information existing at the time of the preparation. In no event, I shall be liable for any direct and indirect result from this article/Notification. This is only a knowledge-sharing initiative.
The Author can be reached at Csdivyajain001@gmail.com
Source: MCA Notification General Circular No. 23/2020 (859 KB)
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