(1) Subject to subsection (2), at any time after the adoption of a resolution in terms of section 122, until the adoption of a corporate rescue plan in terms of section 146, an affected person may apply to a Court for an order-
( a) setting aside the resolution, on the grounds that-
(i) there is no reasonable basis for believing that the company is financially distressed; or
(ii) there is no reasonable prospect for rescuing the company; or
(iii) the company has failed to satisfy the procedural requirements set out in section 122;
(b) setting aside the appointment of the practitioner, on the grounds that the practitioner-
(i) does not satisfy the requirements of section 131; or
(ii) is not independent of the company or its management; or
(iii) lacks the necessary skills, having regard to the company’s circumstances.
(2) An affected person who, as a director of a company, voted in favour of a resolution contemplated in section 122 may not apply to a Court in terms of-
(a) subsection (1 )(a) to set aside that resolution; or
(b) subsection (1)(b) to set aside the appointment of the practitioner appointed by the company,
unless that person satisfies the Court that the person, in supporting the resolution, acted in good faith on the basis of information that has subsequently been found to be false or misleading.
(3) An applicant in terms of subsection (1) must-
(a) serve a copy of the application on the company and the Master; and

(b) notify each affected person of the application by standard notice.