Winding up powers: Tribunal may order dismissal, interim relief, provisional liquidation or winding up, subject to procedural safeguards.

The Tribunal may dismiss a winding up petition, make interim orders, appoint a provisional liquidator, order winding up, or make any other fitting order; such orders must be made within a prescribed period. Notice and an opportunity to be heard are required before appointing a provisional liquidator unless special reasons justify dispensing with notice. The Tribunal must not refuse winding up solely because assets are mortgaged or absent. For petitions on the just and equitable ground, the Tribunal may refuse winding up if a reasonable alternative remedy exists and petitioners unreasonably seek winding up.

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