Section 25. Giving Due Course to or Dismissal of Petition, or Conversion of Proceedings. — Within ten (10) days from receipt of the report of the rehabilitation receiver mentioned in Section 24 hereof, the court may:

1. give due course to the petition upon a finding that:

   1. the debtor is insolvent; and

   2. there is a substantial likelihood for the debtor to be successfully rehabilitated;

2. dismiss the petition upon a finding that:

   1. debtor is not insolvent;

   2. the petition is a sham filing intended only to delay the enforcement of the rights of the creditor/s or of any group of creditors;

   3. the petition, the Rehabilitation Plan and the attachments thereto contain any materially false or misleading statements; or

   4. the debtor has committed acts of misrepresentation or in fraud of its creditor/s or a group of creditors;

3. convert the proceedings into one for the liquidation of the debtor upon a finding that:

   1. the debtor is insolvent; and

   2. there is no substantial likelihood for the debtor to be successfully rehabilitated as determined in accordance with the rules to be promulgated by the Supreme Court.