Section 466 - Power of Tribunal to stay winding up. - Companies Act, 1956

General Powers of [1] [Tribunal] in case of winding up by [2] [Tribunal] Power of Tribunal to stay winding up. [3] [466. (1) The Tribunal may at any time after making a winding up order, on the application either of the Official Liquidator or of any creditor or contributory, and on proof to the satisfaction of the Tribunal that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and conditions as the Tribunal thinks fit. (2) On any application under this section, the Tribunal may, before making an order, require the Official Liquidator to furnish to the Tribunal a report with respect to any facts or matters which are in his opinion relevant to the application. (3) A copy of every order made under this section shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the Registrar, who shall make a minute of the order in his books relating to the company.] ------------------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [2] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [3] Substituted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. Prior to substitution, section 466 read as under for the following: "466. Power of Court to stay winding up. (1) The Court may at any time after making a winding up order, on the application either of the Official Liquidator or of any creditor or contributory, and on proof to the satisfaction of the Court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time, on such terms and conditions as the Court thinks fit. (2) On any application under this section, the Court may, before making an order, require the Official Liquidator to furnish to the Court a report with respect to any facts or matters which are in his opinion relevant to the application. (3) A copy of every order made under this section shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the Registrar, who shall make a minute of the order in his books relating to the company."