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2011 (6) TMI 673 - HC - Companies LawWinding up - Interest on loan – secured debt - hypothecation. - creation / registration of charge - held that:- The interest accrued on two loans have been shown as a separate account called "the funded interest account". - No amount has been advanced afresh to the company in liquidation. - Therefore, there is no modification of the charge which is required to be informed to the Registrar as provided under section 135 of the Act. Since "the funded interest account" is nothing but interest due on two term loans for which charge has already been created and placed on record, no further charge is required to be placed on record with the Registrar of Companies. The order passed by the official liquidator rejecting the claim of the appellant with regard to Rs. 33,12,717 as secured debt cannot be sustained.
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