THE COMPANIES ORDINANCE, 1972

Consequences of winding up petition and order

210.—(1) At any time after the presentation of a winding up petition, and before a winding up order has been made, the company, or the petitioner or any of the petitioners, or any creditor, shareholder, contributory or debenture holder, may, if any action or proceeding is pending against the company, apply to the court to restrain further proceedings in the action or proceeding, and the court may stay or restrain the proceedings accordingly on such terms as it thinks fit.

(2) When a winding up order has been made, or a provisional liquidator has been appointed, no action or proceeding shall be proceeded with or commenced against the company except by leave of the court, and subject to such terms as the court may impose.