Section 353, The Companies Act, 2009

(1) On hearing a winding-up petition, the court maydismiss it or adjourn the hearing conditionally or unconditionally, or make any interim order or any other order that it may think fit; but the court shall not refuse to make a winding-up order on the grounds 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 Commission 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. (3) If the petition is presented by members of the company as contributories on the ground that it is just and equitable that the company should be wound up, the court, if it is of the opinion - (a) that the petitioners are entitled to relief either by winding up the company or by some other means; and (b) that in the absence of any other remedy it would be just and equitable that the company should be wound up, shall make a winding-up order, but this does not apply if the court is also of the opinion both that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the company wound up instead of pursuing that other remedy.