Charge

kalpana (Querist) 21 October 2013 This query is : Resolved
A second charge was created against a property belonging to the company now the first charge holder has ceded the charge in favour of the bank the company has defaulted in payment of money due to the bank now the bank wants to modify the charge since it has become the first charge holder can it to do so earlier it was shown as second charge holder the company does not want to get the charge registered any procedure in this regard

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Guest (Expert) 21 October 2013
As per my understanding of the law, if ceding of the 1st charge by the bank is in writing, Bank will have to share on pro-rata basis.

ABDUL RAZIQUE (Expert) 21 October 2013
Agree with Deepak Ji.

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