Section 477 CAMA 2020

Section 477 Companies and Allied Matters Act is about Dismissal of pending winding-up petition. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) A petition for the winding-up of a company shall be—

(a) dismissed on the making of an administration order in respect of the company ; and

(b) suspended while the company is in administration following an appointment under section 475 of this Act.

(2) The provision of subsection (1)(b) does not apply to a petition presented under grounds of public interest as may be prescribed from time to time by the Chief Judge or under an enactment.

(3) Except with the leave of the Court, subsection (1) (a) and (b) does not apply to a petition presented under special banking provisions of the Banks and Other Financial Institutions Act, Nigerian Deposit Insurance Corporation Act or any law or rule by a financial services and markets regulator.