ABC Ltd. failed to register the charge on their property/Assets for the term loan of ₹ 10 crore taken from XYZ Bank. What is the remedy available to the Bank to secure its loan?

Under Section 77 of the Companies Act, 2013, it shall be the duty of every company creating a charge on its property or assets to register the particulars of charge signed by the company and the charge holders with the Registrar of Companies within 30 days of its creation. Since ABC Ltd. has failed to register the charge for the term loan of ₹ 10 crore against its property/assets, taken loan from XYZ Bank. The Bank in whose favour charge is created may apply to the registrar for Registration of the charge within a period of 14 days after giving notice to the company. XYZ Bank shall be entitled to recover from ABC Ltd., the amount of any fees, paid by it to the Registrar for the purpose of registration of charge.