Power to stay proceedings during winding up permits application to restrain litigation and protect assets pending liquidation. Power to stay or restrain proceedings against a company arises after presentation of a winding up petition and before a winding up order is made; the company, any creditor or contributory may apply to stay or restrain pending suits or proceedings, and the tribunal may grant such relief on terms it thinks fit, distinguishing applications by the forum in which proceedings are pending to prevent multiplicity of litigation and preserve assets for winding up.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Power to stay proceedings during winding up permits application to restrain litigation and protect assets pending liquidation.
Power to stay or restrain proceedings against a company arises after presentation of a winding up petition and before a winding up order is made; the company, any creditor or contributory may apply to stay or restrain pending suits or proceedings, and the tribunal may grant such relief on terms it thinks fit, distinguishing applications by the forum in which proceedings are pending to prevent multiplicity of litigation and preserve assets for winding up.
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