Section 22: Power to Court to make order

1) The Court may, if it considers appropriate, make any of the following orders within seven days after the receipt of the report submitted by the inquiry officer pursuant to sub-section (1) of Section 18, the resolution adopted by the meeting of creditors or the restructuring scheme submitted by the Company or any other resolution adopted:

(a) To immediately liquidate the Company;

(b) To implement the restructuring program of the Company;

(c) In the event of the possibility of improvement without liquidating the Company immediately, to stay until the period specified by the Court;

(d) To extend the period of insolvency proceedings as specified by the Court for the submission of report by making further inquiry; or

(e) To quash the order issued pursuant to sub-section (2) of Section 10.

2) Where an order is made under Sub-section (1) to liquidate the Company or implement the restructuring scheme, the Court shall make an order to appoint an insolvency practitioner as the liquidator of the Company or to operate the restructuring scheme of the Company and implement the liquidation or restructuring scheme of the Company. The person so appointed shall perform such act within such period as specified by the Court at the time of his or her appointment.

3) Notwithstanding anything contained elsewhere in this Section, where the inquiry officer makes an application for any of the following orders as per the understanding reached between any company which has become insolvent or of which situation requires its immediate liquidation or showing the reason that even though a company has become insolvent, there is a situation that the proposal on the restructuring scheme prepared for the improvement of the Company can be considered in a meeting of creditors to be convened pursuant to Chapter-4, the Court may, if it considers so appropriate, make such order:

(a) To end the inquiry into insolvency proceedings before the expiry of that period;

(b) To waive the requirement to convene the meeting of creditors by the inquiry official; or

(c) To liquidate the Company or carry out the restructuring of the Company.

4) Where the Court considers it reasonable to make any order other than that mentioned in sub-section (1) or (3), it may also make such order.