https://www.taxtmi.com/caselaws?id=97347 An application under section 120 to extend time for registration of mortgages and collateral instruments was refused because the intervening winding up and appointment of a liquidator vested accrued rights in unsecured creditors and created a statutory trust for pari passu distribution; although the omission to register was inadvertent, the statutory protection preserving rights acquired prior to registration prevents an extension from altering the liquidator's or creditors' rights, rendering any order ineffective. The operative effect is that courts will not grant extensions under these facts where the extension cannot change the accrued distribution rights of the general body of creditors. en-us Mon, 23 May 1955 00:00:00 +0530 Mon, 16 Jan 2012 13:26:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97347 An application under section 120 to extend time for registration of mortgages and collateral instruments was refused because the intervening winding up and appointment of a liquidator vested accrued rights in unsecured creditors and created a statutory trust for pari passu distribution; although the omission to register was inadvertent, the statutory protection preserving rights acquired prior to registration prevents an extension from altering the liquidator's or creditors' rights, rendering any order ineffective. The operative effect is that courts will not grant extensions under these facts where the extension cannot change the accrued distribution rights of the general body of creditors. Case-Laws Companies Law Mon, 23 May 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97347