(1)Where, based on the study and examination of the business and assets of the company, nature of the goods or services to be produced by the company and market potentiality thereof, the liquidator thinks that the restructuring
program of the company can be adopted by a meeting of creditors and approved, the liquidator may make an application, accompanied by the reasons, to the Court for an order to keep pending the order on liquidation of
company issued by the Court pursuant to this Act for a certain period of time and to implement the restructuring program pursuant to this Act.
(2) Where the Court is satisfied with the contents of the application received pursuant to Sub-section (1), it may issue an order to suspend the order on liquidation of a company issued previously for any certain period of time and implement the restructuring program.
(3) Where an order is issued pursuant to Sub-section (2), the order shall be implemented pursuant to this Act.