Companies Act, 1973 (Act No. 61 of 1973)

Chapter XIV: Winding-up of Companies

General Provisions Affecting all Windings-up

354. Court may stay or set aside winding-up
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1)The Court may at any time after the commencement of a winding-up, on the application of any liquidator, creditor or member, and on proof to the satisfaction of the Court that all proceedings in relation to the winding-up ought to be stayed or set aside, make an order staying or setting aside the proceedings or for the continuance of any voluntary winding-up on such terms and conditions as the Court may deem fit.

 

2)The Court may, as to all matters relating to a winding-up, have regard to the wishes of the creditors or members as proved to it by any sufficient evidence.