COMPANIES ACT - 1963 (ACT 179)

    Section - 115 - Rectification of Register of Particulars of Charges

    (1) The Court, on being satisfied that the omission to register particulars of a charge within the time required by this Code or that the omission or mis-statement of any particulars with respect to any charge or in a memorandum of satisfaction was accidental, or due to inadvertence or to some other sufficient cause, or is not of a nature to prejudice the position of creditors or members of the company, or that on other grounds it is just and equitable to grant relief, may, on the application of the company or any person interested, and on such terms as seem to the Court just and expedient, order that the time for registration shall be extended, or as the case may be, that the omission or mis-statement shall be corrected.

    (2) When the Court grants an extension of time for registration the charge shall not, unless the Court shall otherwise order, adversely affect any person who, prior to the date of actual registration of particulars of the charge, shall have acquired any proprietary rights in, or a fixed or floating charge on, the property subject to the charge, and shall be ineffective against the liquidator and any creditors of the company if the winding up of the company commences before the date of actual registration.