87. Rectification by Central Government in register of charges
(1) The Central Government on being satisfied that—
(i) (a) the omission to file with the Registrar the particulars of any charge created
by a company or any charge subject to which any property has been acquired by a
company or any modification of such charge; or
(b) the omission to register any charge within the time required under this
Chapter or the omission to give intimation to the Registrar of the payment or the
satisfaction of a charge, within the time required under this Chapter; or
(c) the omission or mis-statement of any particular with respect to any such
charge or modification or with respect to any memorandum of satisfaction or other
entry made in pursuance of section 82 or section 83,
was accidental or due to inadvertence or some other sufficient cause or it is not of a
nature to prejudice the position of creditors or shareholders of the company; or
(ii) on any other grounds, it is just and equitable to grant relief,
it may on the application of the company or any person interested and on such terms and
conditions as it may seem to the Central Government just and expedient, direct that the time
for the filing of the particulars or for the registration of the charge or for the giving of
intimation of payment or satisfaction shall be extended or, as the case may require, that the
omission or mis-statement shall be rectified.
(2) Where the Central Government extends the time for the registration of a charge, the
order shall not prejudice any rights acquired in respect of the property concerned before the
charge is actually registered.