Section 466   [ View Judgements ]

Power of Court to stay winding up.

466. Power of Tribunal to slay winding up.
General powers of 1[Tribunal] in case of winding up by Court

2[466. Power of Tribunal to stay winding up.-

(1) The Tribunal may at any time after making a winding up order, on the application either of the Official Liquidator or of any creditor or contributory, and on proof to the satisfaction of the Tribunal that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and conditions as the Tribunal thinks fit.

(2) On any application under this section, the Tribunal may, before making an order, require the Official Liquidator to furnish to the Tribunal a report with respect to any facts or matters which are in his opinion relevant to the application.

(3) A copy of every order made under this section shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the Registrar, who shall make a minute of the order in his books relating to the company.]

1. Subs. by Act 11 of 2003, sec. 71, for "Court".

2. Subs. by Act 11 of 2003, sec. 72, for section 466.

#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon