(ii) that there is a reasonable probability that if the company is placed under judicial management it will be enabled to pay its debts or meet its obligations and become a successful concern; and (iii) that it would be just and equitable to do so; or (b ) on an application referred to in paragraph (b) of subsection (1 ) of section two hundred and ninety-nine , if it appears to the court that— (i) if the company is placed under judicial management the grounds for its winding up may be removed and that it will become a successful concern; and (ii) that it would be just and equitable to do so. 301 Contents of provisional judicial management order (1 ) A provisional judicial management order shall contain— (a ) the date of the return day, which shall not be less than sixty days from the date of the grant of the provisional judicial management order; and (b ) directions that the company named therein shall be under the management, subject to the supervision of the court, of a provisional judicial manager appointed in terms of section three hundred and two, and that any other person vested with the management of the company’s affairs shall from the date of the making of the order be divested thereof; and (c) such other directions as to the management of the comp any, or any matter incidental thereto, including directions conferring upon the provisional judicial manager the power, subject to the rights of the cred itors of the company, to raise money in any way without the authority of shareholders, as the court may consider necessary; and may contain directions that while the company is under judicial management, all actions and proceedings and the execution of all writs, summonses and other processes against the company be stayed and be not proceeded with without the leave of the court. (2 ) The court or a judge may at any time and in any manner, on the application of a creditor, a member, the provisional judicial manager, the Master or any person who would have been entitled to apply for the provisional judicial management order concerned, vary the terms of a provisional judicial management order, including the date of the return day, or discharge it. 302 Custody of property and appointment of provisional judicial manager (1 ) Upon the granting of a provisional judicial management order— (a ) all the property of the company concerned shall be in the custody of the Master until a provisional judicial manager has been appointed and has assumed office; (b ) the Master shall without delay— (i) appoint a provisional judicial manager, subject to subsection (2 ), who shall give such security for the proper performance of his duties in his capacity as such as the Master may direct, and who shall hold office until discharged by the court as provided in paragraph (a ) of subsection (2 ) of section three hundred and five; and (ii) convene separate meetings of the creditors, the members and debenture -holders, if any, of the company for the purposes referred to in subsection (2 ) of section three hundred and four. (2 ) A person shall not be appointed as the provisional judicial manager of a company if he is the auditor of the company or is disqualified under this Act from being appointed as liquidator in a winding up. 303 Duties of provisional judicial manager A provisional judicial manager shall— (a ) assume the management of the company and recover and take possession of all the assets of the company; and (b ) within seven days after his appointment lodge with his Registrar, under cover of the prescribed form, a copy of his letter of appointment as provisional judicial manager; and (c) prepare and lay before the meetings convened under subparagraph (ii) of paragraph (b) of section three hundred and two a report containing— (i) an account of the general state of the affairs of the company; and (ii) a statement of the reasons why the company is unable to pay its debts or is probably unable to meet its obligations or has not become or, is prevented from becoming a successful concern; and (iii) a statement of the assets and liabilities of the company; and (iv) a complete list of creditors of the company, including contingent and prospective creditors, and of the amount and the nature of the claim of each creditor; and (v) particulars as to any source from which money has or is to be raised for the purposes of carrying on the business of the company; and