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Section 11
Can issue interim orders
: (1) During the hearing of the application submitted to the court in accordance with section 4, if the following conditions exist in the company that may adversely affect the interests of the creditor or other persons dealing with the company, the court may issue an interim order on the application of the interested parties or on its own motion:-
(a) if the Company's rights have been or are likely to be mis-traded,
(b) if the management of the company is not properly conducted,
(c) If there is any legal action or the implementation of such action that will adversely affect the company's equity.
(2) According to sub-section (1), when issuing an interim order, the court may issue an order not to do all or any of the following:-
(a) to transfer, sell or in any way mortgage or mortgage any of the assets of the company other than the business in which the company is ordinarily transacted,
(b) to transfer the shares of the company in any way or to change the status of shareholders of the company in any way,
(c) any seizure or enforcement of any property of the Company, or
(d) any creditor or person to initiate or continue any legal proceedings or to take any action or practice against the assets of the company or any assets owned or held by the company or in the possession of the company.
(3) According to sub-section (2) the court shall give the information thereof to the relevant company, company registrar and office and if the court deems it reasonable, it may also order publication in the national level daily newspaper so that the general public can get the information.
(4) If the court deems it necessary, it may order the appointment of a suitable person as the interim administrator of the company for the duration of the interim order for the interim management of the company.
(5) The work, duties and rights of the interim administrator appointed in accordance with sub-section (4) shall be as prescribed by the court at the time of his appointment.
(6) Notwithstanding anything else written in this section, if the court orders for the investigation of the proceedings related to marriage or if the petition is dismissed, the interim order according to this section shall automatically become invalid.
(a) if the Company's rights have been or are likely to be mis-traded,
(b) if the management of the company is not properly conducted,
(c) If there is any legal action or the implementation of such action that will adversely affect the company's equity.
(2) According to sub-section (1), when issuing an interim order, the court may issue an order not to do all or any of the following:-
(a) to transfer, sell or in any way mortgage or mortgage any of the assets of the company other than the business in which the company is ordinarily transacted,
(b) to transfer the shares of the company in any way or to change the status of shareholders of the company in any way,
(c) any seizure or enforcement of any property of the Company, or
(d) any creditor or person to initiate or continue any legal proceedings or to take any action or practice against the assets of the company or any assets owned or held by the company or in the possession of the company.
(3) According to sub-section (2) the court shall give the information thereof to the relevant company, company registrar and office and if the court deems it reasonable, it may also order publication in the national level daily newspaper so that the general public can get the information.
(4) If the court deems it necessary, it may order the appointment of a suitable person as the interim administrator of the company for the duration of the interim order for the interim management of the company.
(5) The work, duties and rights of the interim administrator appointed in accordance with sub-section (4) shall be as prescribed by the court at the time of his appointment.
(6) Notwithstanding anything else written in this section, if the court orders for the investigation of the proceedings related to marriage or if the petition is dismissed, the interim order according to this section shall automatically become invalid.