MCA vide General Circular dated 17th June, 2020 has introduced Scheme for relaxation of time for filing forms related to creation or modification of charge i.e CHG-1 and CHG-9 under the Companies Act, 2013(the “Act”). The salient features of the scheme are as follows:
| Particular | Category – I | Category- II |
| Applicability | Date of creation and modification of charge is before 1-Mar-20, but the timeline for filing such form had not expired under section 77 of the Act as on 1-Mar-20 | Date of creation and modification of charge falls on any date between 1-Mar-20 to 30-Sep-20 (both dates inclusive). |
| Relaxation of time | The period beginning from 1-Mar-20 and ending on 30-Sep-20 shall not be reckoned for the purpose of counting the number of days under section 77 or section 78 of the Act i.e 120 days from creation/modification. | The period beginning from the date of creation/ modification of charge to 30-Sep-20 shall not be reckoned for the purpose of counting of days under section 77 or section 78 of the Act i.e 120 days from creation/modification. |
| Applicable Fees | 1. If the form is filed on or before 30-Sep-20, the fees payable as on 29-Feb-20 shall be charged.
2. If the form is filed thereafter, the fees shall be charged after adding the number of days beginning from 01-Oct-20 and ending on the date of filing plus the time period lapsed from the date of the creation of charge till 29-Feb-20. |
1. If the form is filed before 30-Sep-20, normal fees shall be payable.
2. If the form is filed thereafter, the first day after the date of creation/modification of charge shall be reckoned as 01-Oct-20 and the number of days till the date of filing of the form shall be counted for the purposes of payment of fees. |
| Non- Applicability | The scheme is not applicable on:
1. CHG-1 and CHG-9 already been filed before the date of issue of this Circular. 2. The timeline for filing the form has already expired under the Act prior to 1-Mar-20. 3. The timeline for filing the form expires at a future date, despite exclusion of the time provided i.e after 30-Sep-20 4. Filing of Form CHG-4 for satisfaction of charges |
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The complete circular with all the relaxations is attached herewith:
