TaxTMI 
TaxTMI 
2023 (4) TMI 82
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....023 passed by the ROC by which costs to the tune of Rs.2,00,000/- have been imposed on the Petitioner while allowing Petitioner's application filed under Section 77(1) read with Section 87 of the Companies Act, 2013. The costs constitute Rs.1,00,000/- qua each charge for 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 Cov....
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....ithin a period of 30 days from the date of such payment. The relevant provisions read: "82. Company to report satisfaction of charge. - (1) A company shall give intimation to the Registrar in the prescribed form, of the payment or satisfaction 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 fo....
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....y litigants in the prevailing conditions, we deem it appropriate to dispose of the M.A. No. 21 of 2022 with the following directions: I. The order dated 23.03.2020 is restored and in continuation of the subsequent 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, not....
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.... was of Rs. 3,00,000/-. 9. Undisputedly the loan amount 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 t....