Effect of supervision order

(1) Where an order is made for a winding-up subject to supervision, the liquidator may, subject to any restrictions imposed by the court, exercise all his powers, without the sanction or intervention of the court, in the same manner as if the company were being wound-up altogether voluntarily. (2) A winding-up subject to the supervision of the court is not a winding-up by the court for the purpose of the following provisions of this Act; namely, those contained in sections 143, 144, 145 (except sub-section (11 thereof), sections 148 to 158 and sections 169 and 171, but, subject as aforesaid, an order for a winding-up subject to supervision shall for all purposes, including the staying of actions and other proceedings, the making and enforcement of calls, and the exercise of all other powers, be deemed to be an order for winding-up by the court.