9911796707
TMI Blog2018 (7) TMI 2301X X X X Extracts X X X X X X X X Extracts X X X X ..... ts - In the present case the petitioner has disclosed that delay had taken place because there was change in entire management of the company, therefore, the default had taken place for the bonafide reason. The impugned orders reveal that respondent no. 1 has also reached to the conclusion that delay was caused due to inadvertence and has found it to be just and equitable to grant relief of condonation of delay and has accordingly condoned the delay. But while condoning the delay the respondent no. 1 has imposed the condition of payment of Rs. 94,000/- in a case where the loan was of Rs 10,00,000/-, Rs. 94,000/- in another case where the loan was of Rs. 6,00,000/- and Rs. 54,000/- where the loan was of Rs. 3,00,000/- - Undisputedly the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of petitioner is that it had taken three loans from State Bank of India amounting to Rs. 10,00,000/-, 6,00,000/- 3,00,000/- respectively against movable/immovable properties not specifically pledged for which a charge was created and filed with the respondent no. 2 ROC. The said loan was repaid on 18/5/2006 but e-form for satisfaction of charges with respondent no. 2 in terms of Section 82 of Companies Act, 2013 could not be filed within time for the bonafide reasons and on realizing the said mistake, the company immediately filed said satisfaction of charges in three e-forms CHG-4 with respondent no. 2 on 24/5/2016 mentioning the procedural delay and thereafter petitioner on 18/9/2017 applied to respondent no. 1 for condonation of delay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin the time required under this Chapter or the omission to give intimation to the Registrar of the payment or the satisfaction of a charge, within the time required under this Chapter; or (c) the omission or mis-statement of any particular with respect to any such charge or modification or with respect to any memorandum of satisfaction or other entry made in pursuance of section 82 or section 83, was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors or shareholders of the company; or (ii) on any other grounds, it is just and equitable to grant relief, it may on the application of the company or any person interested and on such terms and conditions as it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was already repaid in the year 2006 itself and there was only a default in non complying with the requirement of filing of e-forms for satisfaction of the charge. In these circumstances the condition of payment of such a high amount imposed by respondent no. 1 is not reasonable in terms of Section 87 of the Act. Under Section 87, the condition which is required to be imposed should be just and expedient. 10. The impugned orders further reveal that for default in respect of loan of Rs. 10,00,000/- and for another default for loan of Rs. 6,00,000/- same condition of payment of Rs. 94,000/- has been imposed where the same should have been proportionate to the nature of default. Hence this court is of the opinion that the amount which is r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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