Tribunal powers on winding up petitions: may dismiss, adjourn, make interim or winding up orders or direct compliance instead. Tribunal discretion on winding up petitions permits dismissal, adjournment, interim orders, or winding up orders (with or without costs), and bars refusal of winding up solely because assets are mortgaged or absent. For just-and-equitable petitions the Tribunal may refuse winding up if a reasonable alternative remedy exists. For defaults in statutory reporting or meetings the Tribunal may order delivery of the report or convening of the meeting instead of winding up and may award costs against responsible persons. Winding up orders are to be communicated to the Official Liquidator and the Registrar.
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.
Tribunal powers on winding up petitions: may dismiss, adjourn, make interim or winding up orders or direct compliance instead.
Tribunal discretion on winding up petitions permits dismissal, adjournment, interim orders, or winding up orders (with or without costs), and bars refusal of winding up solely because assets are mortgaged or absent. For just-and-equitable petitions the Tribunal may refuse winding up if a reasonable alternative remedy exists. For defaults in statutory reporting or meetings the Tribunal may order delivery of the report or convening of the meeting instead of winding up and may award costs against responsible persons. Winding up orders are to be communicated to the Official Liquidator and the Registrar.
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