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.
CHAPTER VII
MANAGEMENT AND ADMINISTRATION
