121. Application for stay of winding up proceedings.

(1) An application for stay of proceedings in the winding up shall be made upon notice to the parties to the winding up petition and to such other persons as the Tribunal may direct, and where the application is made by any person other than the Liquidator, notice shall be given to the Liquidator.

(2) Where an order is made staying proceedings of winding up, the applicant shall within fifteen days file a certified copy thereof with the Registrar in Form 10.

Explanation.- In computing the period of fifteen days from the date of the order, the requisite time for obtaining a certified copy of the order shall be excluded.