Himachal Pradesh Court August 2007 Judgments

Silverlines Motors (P.) Ltd. Vs. State Bank of India

Court: Himachal Pradesh

Reported in: [2008]87SCL138(HP),2007(3)ShimLC15

Deepak Gupta, J.1. This company appeal under Section 10F of the Companies Act, 1956 (hereinafter referred to as 'the Act'), is directed against the order dated 12-1-2007, passed by the Company Law Board in Company Petition No. 487/141/2006-CLB.2. Briefly stated, the facts of the case are that the appellant had raised a loan from the respondent-bank. The appellant had created a charge on his properties as per the agreement entered into with the bank. It was a duty of the appellant-company in terms of Section 125 of the Act to get the charge registered with the Registrar of Companies. Non-registration of a charge is an offence punishable under Section 142 of the Act. According to the bank since the company was not getting the charge registered it approached the Company Law Board for registration of the charge in terms of Section 134 of the Act. Section 134 of the Act reads as follows:134. Duty of company as regards registration and right of interested party.- (1) It shall be the duty of ...