As per provision u/s 77 / 78 of the Companies Act, 2013, Companies are required to file Form CHG – 1 in case of creation of charge and CHG-9 in case of modification of charge with the ROC within 120 days of the creation or modification of charge.
However in view of the economic upheaval due to COVID-19, the Ministry of Corporate Affairs has introduced the “Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013”.
The Scheme is applicable for all CHG-1 and CHG-9 forms where the date of creation/modification of charge is:
(a) Before 01/03/2020
(b) Timeline for filing such Form had not already expired on 01/03/2020
(c) Or on any date from 01/03/2020 to 30/09/2020
If the charge is created or modified before 01/03/2020 and time for filing such form had not expired on 01/03/2020, then the period of 120 days for submitting Forms shall commence on 01/10/2020, if form is not already filed.
If the charge is created / modified from 01/03/2020 to 30/09/2020, the period of 120 days shall commence on 01/10/2020, if form is not already filed.