Powers of Court on hearing petition (Section 443):

On hearing a winding up petition, the Court may

(i) dismiss it, with or without costs; or

(ii) adjourn the hearing conditionally or unconditionally; or

(iii) make an interim order that it thinks fit; or

(iv) make an order for winding- up of the company with or without costs, or any other order that it thinks fit.

It must not refuse to make a winding -up order on the ground only that the company‟s assets have been mortgaged to an amount equal to or in excess of those assets, or that the company has no assets.

If a petition for winding-up is presented on „‟just and equitable” ground the Court may refuse to make an order of winding-up if it is of the opinion that some other remedy is available to the petitioners and that they are acting unreasonably in seeking winding-up instead of pursuing that other remedy.

Where the petition is presented on the ground of default in delivering the statutory report to the Registrar or in holding the statutory meeting, the Court may direct that the report be delivered or that meeting be held instead of making the winding-up order. The person considered responsible for the default may be charged with the costs involved.