Tough for someone who only has an iPad to do that — NaviKhota's only posted on the OmniFocus for iPad forum so far, so I'm assuming he's iPad-only until told otherwise.
What is the point of On Hold status for projects? It's to indicate that the project is not currently active, but you expect to possibly make it so at some point in the future. There are three different project states that one might use to keep a project and its actions out of sight:
- On Hold
- Dropped
- Deferred (future start date)
(and Completed, of course, but I trust no explanation of that state is needed!)
On Hold puts the project on ice indefinitely. To bring it back to life, just set the project status back to Active.
Dropped also puts the project on ice indefinitely, but with the distinction that you don't intend to make it active again. Dropped projects are eligible to be swept out to the archive file, if you're using the Mac application. They are similar to Completed projects in this regard.
Deferred projects are similar to On Hold projects, except that they automatically become active again when the start date is reached, without any action required on your part.
Folders only have two states: Active and Dropped. A folder marked Dropped treats all enclosed projects as if they are also marked Dropped, without the inconvenience of having to individually mark them. However, if you're using the optional Archive feature, some care is required or you may have things swept into the archive that you wanted kept in the active database.