Section 575: Power to stay or restrain proceedings against company.

Where a winding-up petition has been presented and an action or other proceeding against a company is instituted or pending in any Court (in this section referred to as “the Court concerned”), the company or any creditor or contributory may, before the making of the winding-up order, apply to the Court concerned for an order staying proceedings and the Court concerned may, with or without imposing terms, stay or restrain proceedings, or if it deems fit, refer the case to the Court hearing the winding-up petition.