The court may decline to hear a petition presented under section 2 or, as the case may be, may decline to continue hearing such a petition if it appears to the court that, in the preparation or presentation of the petition or in the preparation of the report of the independent accountant, the petitioner or independent accountant -
(a) has failed to disclose any information available to him which is material to the exercise by the court of its powers under this Act, or
(b) has in any other way failed to exercise utmost good faith.