(i) The scheme shall come into effect from the date of issue of circular. (17th June 2020)
(ii) Applicability:
The scheme shall be applicable in respect of filing of Form No. CHG-l and Form No. CHG-9 (both referred as ‘form or forms) by a company or a charge holder, where the date of creation / modification of charge: (a) is before 01.03.2020, but the timeline for filing such form had not expired under section 77 of the Act as on 01.03.2020, or (b) falls on any date between 01.03.2020 to 30.09.2020 (both dates inclusive). (iii) Relaxation of time: (a) In case a form is filed in respect of a situation covered under sub-para (ii)(a) above, the period beginning from 01.03.2020 and ending on 30.09.2020 shall not be reckoned for the purpose of counting the number of days under section 77 or section 78 of the Act. In case, the form is not filed within such period, the first day after 29.02.2020 shall be reckoned as 01.10.2020 for the purpose of counting the number of days within which the form is required to be filed under section 77 or section 78 of the Act. (b) In case a form is filed in respect of a situation covered under sub-para (ii)(b) above, the period beginning from the date of creation/ modification of charge to 30.09.2020 shall not be reckoned for the purpose of counting of days under section 77 or section 78 of the Act. In case, the form is not filed within such period, the first day after the date of creation / modification of charge shall be reckoned as 01.10.2020 for the purpose of counting the number of days within which the form is required to be filed under section 77 or section 78 of the Act.
(iv) Applicable Fees: (a) In regard to sub-para (iii)(a) above, if the form is filed on or before 30.09.2020, the fees payable as on 29.02.2020 under the Fees Rules for the said form shall be charged. If the form is filed thereafter, the applicable fees shall be charged under the Fees Rules after adding the number of days beginning from 01.10.2020 and, ending on the date of filing plus the time period lapsed from the date of the creation of charge till 29.02.2020.
(b) In regard to sub-para (iii)(b) above, if the form is filed before 30.09.2020, normal fees shall be payable under the Fees Rules. If the form is filed thereafter, the first day after the date of creation/modification of charge shall be reckoned as 01.10.2020 and the number of days till the date of filing of the form shall be counted accordingly for the purposes of payment of fees under the Fees Rules.
(v) The Scheme shall not apply, in case:
(a) The forms i.e.CHG-1 and CHG-9 had already been filed before the date of issue of this Circular. (b) The timeline for filing the form has already expired under section 77 or section 78 of the Act prior to 01.03.2020. (c) The timeline for filing the form expires at a future date, despite exclusion of the time provided in sub-para (iii) above.(d) Filing of Form CHG-4 for satisfaction of charges
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