Section 574: Powers of Court on hearing petition.

(1) On hearing a winding-up petition, the Court may dismiss it, adjourn the hearing conditionally or unconditionally or make any interim order, or any other order that it deems fit, but the Court shall not refuse to make a winding-up order on the ground only that the assets of the company have been mortgaged to an amount equal to or in excess of those assets, or that the company has no assets.
(2) Unless it appears to the Court that some other remedies are available and that the petitioners are acting unreasonably in seeking a winding-up order instead of pursuing those remedies, the Court, on hearing a petition by contributory members of a company for relief by winding-up on the ground that it would be just and equitable so to do, shall make the order as prayed if it is of the opinion that the petitioners are entitled to the relief sought.
(3) Where a petition is presented on the ground of default in delivering the statutory report to the Commission or in holding the statutory meeting, the Court, instead of making a winding-up order, may direct the delivery of the statutory report or the holding of a meeting, and order the costs to be paid by the persons who, in the opinion of the Court, are responsible for the default.