2011 PLP 855 (CLC)

SYED HASAN AZHAR RIZVI, J.

This is a petition filed by the petitioner under sections 10 and 15 of the Insolvency (Karachi Division) Act, 1909 with the prayer that petitioner may be declared as an insolvent. According to the learned counsel the petitioner is a 61 years old professional banker and has served in various banks on responsible posts and lastly employed as a Vice-President, Country Administration Head in Dubai Islamic Bank, Karachi and drawing monthly salary of Rs.150,

000. It is further stated that the petitioner during his job was enjoying the facility of credit cards of different banks and used to withdraw cash from the banks and clear their debts within due time and has no history of default. It is also stated that in January, 2006'the petitioner was coerced, pressurized and was forced to resign from his job without any due cause, since then he is facing difficulties with regard to repayment of finance. It is stated that petitioner has tried his best to get job but unable to find the same and by passing of each day without job the petitioner is living with extremely frustrated and upset life. It is also stated that petitioner tried to clear his all dues and instalment by selling his residential flat, cars and wife's jewellery and now he has no option but to knock the door of this Court. The learned Official Assignee has filed Reference No. 1 of 2009, according to which, the petitioner appeared before him on 27-9-2008 when he was examined and his statement was also recorded and during examination he stated that all the time he was performing different jobs on different posts and during the tenure of his service he got different loans credit card facilities from different banks. It is further stated that the petitioner has not done any business therefore he did not maintain any 'book of accounts. Learned Official Assignee submits that the petitioner has failed to maintain the book of accounts, hence no certificate as required under Sub-Rule (2) of Rule 586 of SCCRs can be issued in favour of the petitioner and prayed that petition may be dismissed after notice to the petitioner and his creditors. I have heard the learned counsel for the petitioner and learned Official Assignee and perused the case file. Prima facie it appears that petitioner appeared before the Official Assignee on 27-9-2008 and stated that he has not maintained the book of accounts and as per statement filed by the petitioner he has to pay more than Rs.12,47,807 along with mark-up to his creditor banks. For obtaining the insolvency Certificate the petitioner is liable to fulfil the requirements of Rule 586(2) of SCCRs, which is reproduced below:

"Certificate of Official Assignee.

(2) On the debtor complying with the provisions of sub-rule (1) of this rule, the Official Assignee shall give to, the debtor a certificate certifying the same, and no order of adjudication shall be made on the petitioner unless such certificate is produced." It is admitted position that the petitioner being a highly qualified person, particularly banker had served with different banks throughout his career and not maintaining his own book of accounts 'is unbelievable. The petitioner has failed to fulfil the requirements of Sub-Rule (2) of Rule 586 of SCCRs, therefore, in my humble view the petitioner is not entitled to declare' insolvent, petition is dismissed along with listed application. Forgoing are the reasons for the short order passed today i.e. 21-2-2011. M.H./M-35/K Application dismissed.