9911796707
TMI Blog2011 (6) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Andhra Pradesh State Financial Corporation are : The Andhra Pradesh State Financial Corporation advanced Rs. 30,00,000 and Rs. 20,00,000 towards term loan and additional term loan respectively to M/s. Guruvayurappan Swamy Oils, Foods and Fats Ltd. The company executed a deed of hypothecation. The company failed to pay the amount within the stipulated time and consequently loans came to be rescheduled. In the process of rescheduling, the interest due on the two loans came to be transferred to the funded interest account and accordingly, repayment schedule came to be revised. 3. By an order dated October 8, 2001, made in R. C. C. No. 8 of 2001, M/s. Guruvayurappan Swamy Oils, Foods and Fats Ltd., was directed to be wound up by this c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of filing Form No. 8. It is also contended by learned counsel for the appellant that what is claimed by the appellant under the funded interest account is only the interest due on the principal amounts till the date of passing of the winding up order, i.e., October 8, 2001. Learned counsel took me to the statement of account filed along with the memo dated November 15, 2010. 6. Learned counsel appearing on behalf of the official liquidator submits that once accrued interest on the outstanding amounts has been transferred to the funded interest account, it is to be treated as fresh loan and that unless it is registered with the Registrar of Companies as provided under section 125 of the Companies Act, 1956, by filing a charge in Form No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, it shall be the duty of the company to send the particulars of such modification to the Registrar. For better appreciation, I may refer to section 135 of the Act, which reads as hereunder : "Whenever the terms or conditions, or the extent or operation, of any charge registered under this part are or is modified, it shall be the duty of the company to send to the Registrar the particulars of such modification, and the provisions of this part as to registration of a charge shall apply to such modification of the charge." 10. I have gone through the extract from the charge register. The appellant-company registered a charge with regard to two term loans of Rs. 30 and 20 lakhs with interest thereon at 18 per cent per annum. Particulars of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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