2008 PLP 889 (CLD)
Rana MUHAMMAD TARIQ ANJUM — Petitioner Versus Messrs IHSAN PROCESSING MILLS (PVT.) LTD. and others — Respondents
| Citation | 2008 PLP 889 (CLD) |
| Forum / Court | Lahore |
| Bench Members | N/A |
| Parties | Rana MUHAMMAD TARIQ ANJUM — Petitioner Versus Messrs IHSAN PROCESSING MILLS (PVT.) LTD. and others — Respondents |
| Primary Law | Companies Ordinance (XLVII of 1984) |
Q1: What are the key laws and sections cited in 2008 PLP 889 (CLD)?
This judgment primarily cites: Companies Ordinance (XLVII of 1984) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2008 PLP 889 (CLD)?
The case was heard and decided by the Lahore bench comprising: N/A.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2008 PLP 889 (CLD) (Rana MUHAMMAD TARIQ ANJUM — Petitioner Versus Messrs IHSAN PROCESSING MILLS (PVT.) LTD. and others — Respondents). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Muqtedir Akhtar Shabbir for Petitioner.
- 5. Mr. Abdur Rashid Qureshi, Advocate Room No.12. Second Floor, Shafqat Plaza 13, Fane Road Lahore, is appointed as Official Liquidator, he is directed to take over the control of the assets of the company and to proceed in accordance with law thereafter. The Liquidator shall be paid fee of Rs.30,000 to be borne by the petitioner, to meet the expenses of winding-up. The petitioner is directed to deposit also a sum of Rs.30,000 in the liquidation account to be opened by the Liquidator in his name for which he shall tender quarterly accounts.
Headnotes / Summary
S. 305
Petitioner had sought winding of the company on basis that it was incapable of liquidating its liabilities
Petitioner had contended that the company owed petitioner a sum of Rs.14,25,100 on account of civil works done by the petitioner
Company had accepted its liability
Petitioner had contended that non-payment of amount by the company had entailed winding up of the company under S.305 of the Companies Ordinance, 1984
Facts on record had established that company was not in a position to liquidate its liabilities
No opposition came from any quarter to contest the assertions made by the petitioner
Petition was allowed as prayed for
Official liquidator duly appointed was directed to take over the control of assets of the company and proceed according to law thereafter.
Judgment & Decree
SYED ASGHAR HAIDER, J.
This petition under section 305 of the Companies Ordinance, 1984, is for winding up of the respondent-Company on basis that it is incapable of liquidating its liabilities.
2. Learned counsel for the petitioner, contended that the respondent company owes the petitioner a sum of Rs.14,25,100 on account of civil works done by the petitioner, he also referred to the notice dated 29-8-2006, in this context whereby the respondent-Company accepted its liability, thus, according to the learned counsel this amounts to clear acknowledgment of debt and non-payment thereof entails winding up of the respondent company under section 305 of the Companies Ordinance, 1984.
3. Notices were issued to the respondents through the modes prescribed and also through publications in the Daily Nawa-i-Waqt' and Daily Dawn, pursuant thereto none entered appearance and thereafter the respondents were proceeded against ex parte on 22-1-2007, none has entered appearance even thereafter.
4. The respondent-Company Messrs Ihsan Processing Mills (Pvt.) Limited was incorporated in Lahore on 23-1-2003, vide Registered Certificate No.F-0719 issued by the Registrar Stock Companies, Lahore, and registered office of the company at Chak No.203/RB, Muraabba No.73, Kila No.9, Plot No.5, Faisal Town, Faisalabad. The authorized capital of the company is Rs.1,000,000 divided in 1,00,000 shares of Rs.10 each. The paid-up capital of the company is Rs.6,55,110 divided into 65,511 of Rs.10 each. The company was catering to textile business. From the grounds made out in Clause (c) and also from arguments made by the learned counsel today especially letter of acknowledgement dated 29-8.2006, it is clear that the respondent company is not in a position to liquidate its liabilities. There has been no opposition from any quarter to contest the assertions made, therefore, this petition is allowed as prayed for.
5. Mr. Abdur Rashid Qureshi, Advocate Room No.12. Second Floor, Shafqat Plaza 13, Fane Road Lahore, is appointed as Official Liquidator, he is directed to take over the control of the assets of the company and to proceed in accordance with law thereafter. The Liquidator shall be paid fee of Rs.30,000 to be borne by the petitioner, to meet the expenses of winding-up. The petitioner is directed to deposit also a sum of Rs.30,000 in the liquidation account to be opened by the Liquidator in his name for which he shall tender quarterly accounts.
6. Now to come up for report of the Official Liquidator and further proceedings on 8-4-2008. H.B.T./M-119/L Petition allowed.