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of <h1>Section 466: Tribunal Can Stay Winding Up Proceedings on Application by Official Liquidator, Creditor, or Contributory.</h1> Section 466 of the Companies Act, 1956, grants the Tribunal the authority to stay winding up proceedings. After a winding up order is made, the Tribunal can, upon application by the Official Liquidator, a creditor, or a contributory, and upon satisfactory proof, order a stay of proceedings either permanently or temporarily, under terms it deems appropriate. Before issuing such an order, the Tribunal may request a report from the Official Liquidator on relevant matters. Any order made must be promptly communicated to the Registrar, who will record it in the company's records.
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