Section 313 — Power of Court to stay winding up

(1) The Court may at any
time not later than three years after an order for winding up, on the application of
any creditor or contributory or of the registrar or the Commission or a person
authorised by it, and on proof to the satisfaction of the Court that all proceedings in
relation to the winding up ought to be stayed, withdrawn, cancelled or revoked,
make an order accordingly, on such terms and conditions as the Court thinks fit.

(2) On any application under sub -section (1), 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 sub-section (1) shall forthwith be
forwarded by the Court to the registrar, who shall make a minute of the order in his
books relating to the company.