Vinodh Ltd. paid the last installment of the term loan with interest on 25th January, 2017 to its bank and requested the bank to issue 'No Dues Certificate' confirming total repayment of the term loan of ₹450 lakhs avail

Vinodh Limited, Completed repayment of the entire term loan of ₹450 lakhs to its banks and cleared all the dues to the bank on 25.1.2017. However, the bank issued letter on 03.03.2017 confirming repayment of the loan mentioning 25.1.2017 as the date on which charge created to secure the loan could be treated as satisfied. Since satisfaction of the charge has to be filed within 30 days of repayment of the loan and clearing of the charge, there is delay in filing satisfaction of charge on account of which the company has to get the delay condoned by the Central Government (power of central government delegated to regional director). The Company shall file e-form CHG-4 with additional fees of delay and on the challan of e-form it shall be mentioned that company has made delay in filing the form. Make an application for condonation of delay to regional director. The form CHG-4 shall be approval only after condonation of delay. The company should make an application in Form CHG-8 to regional director explaining the cause for delay in getting the bank's letter confirming repayment of the bank's dues in respect of the charge, paying the applicable fees. Central Government/ regional director on being satisfied that delay is due to bank's procedure to verify the company's loan account details before issuing the No Dues Certificate, and not due to the company's fault, the regional director may pass an order extending the time for filing satisfaction of charge. The order passed by the Central Government under section 87(1) of the Companies Act, 2013, should be filed with the Registrar in Form INC 28 along with the payment of applicable fees as per the conditions stipulated in the said order.