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TMI Blog2023 (4) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the entire period between 15th March, 2020 till 28th February, 2022 was excluded from computation of limitation. In the present case, the usual period of limitation is thirty days. Thus, a period of thirty days would be added from 28th February 2022, meaning thereby that the limitation would have expired only on 28th March 2022 - The filing of the Form in the present case has been made on 28th November, 2022 which would be a total delay of eight months. The observations of the Madhya Pradesh High Court in M/S. SHALINI PLASTIC PRIVATE LIMITED THROUGH SHRI KAPIL ATLASIYA VERSUS UNION OF INDIA, REGISTRAR OF COMPANIES MADHYA PRADESH [ 2018 (7) TMI 2301 - MADHYA PRADESH HIGH COURT] are also relevant in the present case, wherein the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r delay of 505 days in filing the particulars of the charge. 3. The submission of Mr. Sikri, ld. Sr. counsel for the Petitioner is that the Petitioner-Company had obtained two loans from the ICICI Bank. Charges in respect of the same were created and filed with the ROC. The Petitioner had repaid both the loans on 10th June, 2021 and obtained no dues certificate. However, unfortunately, on 1st February, 2022, the founder/director Shri Lokesh D. Multani, who had contracted Covid-19, passed away. His son Mr. Puneet Multani thereafter took over charge of the company and started managing day to day affairs. The CHG-4 form was to be filed within a period of 30 days from the date of payment i.e., by 10th July, 2021. However, due to the death of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in full of any charge registered under this Chapter within a period of thirty days from the date of such payment or satisfaction. xxx xxx xxx Rule 8(1) For the purposes of sub-Section 1 of 82, a company shall within thirty days from the date of the payment of satisfaction in full of any charge registered under Chapter VI, give intimation of the same to the Registrar in e-Form CHG-4 along with the fee. 8. As per Section 87 of the Act, the Central Government has the power to extend the time for filing of memorandum of satisfaction. The said provision reads as under: 87. Rectification by Central Government in Register of charges- The Central Government on being satisfied that- (a) the omission to give intima ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed that the period from 15.03.2020 till 28.02.2022 shall stand excluded for the purposes of limitation as may be prescribed under any general or special laws in respect of all judicial or quasi-judicial proceedings. II. Consequently, the balance period of limitation remaining as on 03.10.2021, if any, shall become available with effect from 01.03.2022. III. In cases where the limitation would have expired during the period between 15.03.2020 till 28.02.2022, notwithstanding the actual balance period of limitation remaining, all persons shall have a limitation period of 90 days from 01.03.2022. In the event the actual balance period of limitation remaining, with e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms 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 required to be paid in terms of the impugned orders is to be rationalized and to be made just and proper by reducing it. 11. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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