COMPANIES ACT 1963 – SECT 216 Powers of court on hearing petition.
216.—(1) On hearing a winding-up petition, the court may dismiss it, or adjourn the hearing conditionally or unconditionally, or make any interim order, or any other order that it thinks 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) 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—
( a ) instead of making a winding-up order, direct that the statutory report shall be delivered or that a meeting shall be held; and
( b ) order the costs to be paid by any persons who, in the opinion of the court, are responsible for the default.