Registration of deed of assignment by an asset reconstruction co. in madhya pradesh
P K Jindal
(Querist) 21 July 2012
This query is : Resolved
Facts
A deed of assignment for assignment of loan was registered by an Asset Reconstruction Company (ARC) in Distt. Dhar (Madhya Pradesh). The applicable stamp duty was adjudicated by the Collector of Stamps u/s 31 of Indian Stamp Act, 1899. In addition, affidavit of the authorised officer of ARC was also obtained by the Collector of Stamps in which the total outstanding debt under assignment was also mentioned at Rs.13,43,94,844/- plus interest and costs thereon. The same amount of Rs. 13,43,94,844/- plus interest and costs thereon was also mentioned in the accompanying Assignment Agreement dated 22.09.2011. In the Assignment Agreement dated 22.09.2011, a reference of earlier Assignment Agreement dated 31.03.2010 was also given which was executed at Mumbai but the same could not be registered within stipulated period of four months from the date of execution as it was reported lost by the purchaser/assignee of the Loan. But the old assignment agreement dated 31.03.2010 was found subsequently by the purchaser/assignee as mentioned in the fresh assignment agreement dated 22.09.2011 and the earlier agreement dated 31.03.2010 was returned to the assignor. However, in the demand notice dated 07.10.2011 under SARFAESI Act to the Borrower, the total debt amount was mentioned at Rs.49,78,54,187/-. On the basis of affidavit and Statement recorded under oath of the authorised officer of ARC, Collector of Stamps, Distt. Dhar (MP) passed an Order dated 09.09.2011 assessing Stamp Duty at Rs.1,34,395/- i.e. @ 0.1% of the total debt amount of Rs.13,43,94,844/-. Similarly, Panchayat Duty was also calculated at Rs.1,34,395/- i.e. @ 0.1% of the total debt amount. Both the duties aggregated to Rs.2,68,790/- and the same were deposited. In addition, Registration Fee of Rs.10,75,330/- being calculated @ 0.8% of the loan amount of Rs.13,43,94,844/- was also paid. However, no Municipal Duty was deposited. Further, Panchayat Duty is attracted at higher rate of 1% (one percent) instead of 0.1%. Subsequently, Collector of Stamps filed a Review Petition before the concerned Revenue Board of Gwalior, Bench Indore u/s 56(4) of the Madhya Pradesh Stamp Act.
Query
1. On what amount Stamp Duties and other applicable duties are to be paid i.e. whether stamp duties are to be paid on Rs.13,43,94,844/- or Rs.49,78,54,187/-.
2. In case, Stamp Duties and other applicable duties are to be paid on Rs.49,78,54,187/-, what are the maximum penalties which can be levied for understatement of the loan amount at Rs.13,43,94,844/- instead of Rs.49,78,54,187/- as mentioned in the Notice under SARFAESI Act.
3. What are the minimum and maximum penalties prescribed for underdeclaration of the debt amount by mentioning the applicable Act and its relevant section(s).
4. Whether Review Petition by the Collector of Stamps is permitted under some other section of the Madhya Pradesh Stamp Act which provide for stringent penalties etc.
5. Whether FIR can be registered against the authorised officer and/or directors of the ARC for submission of wrong affidavit before the Collector of Stamps.
6. Please inform the nature and rate of all duties which are attracted for registration of the deed of assignment in this case.
Thanks
P.K Jindal
ajay sethi
(Expert) 21 July 2012
it is better you contact a local lawyer in madhya pradesh . it is necessary to go through the entire case papers to advise .
