Legal Question in Business Law in India

Re: chare creation

Pari Passu is a charge in continuation of an existing charges, may be with the same creditor or with a different creditor, and Second charge is an independent charges distionctive from the fiirst charges. Paripassu charge vests both the creditors on the same legal footing.

Re: chare creation

Pari-Pasu means (in lay man's terms) equal - i.e. one or more lender shall have equal status in charge over the property, while second charge - as the name specifies second not equal nor first.