2002 PLP 1112 (CLD)
| Citation | 2002 PLP 1112 (CLD) |
| Forum / Court | Karachi |
| Bench Members | Zahid Kurban Alvi, J |
| Parties |
Q1: What are the key laws and sections cited in 2002 PLP 1112 (CLD)?
This judgment primarily cites: statutory provisions as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2002 PLP 1112 (CLD)?
The case was heard and decided by the Karachi bench comprising: Zahid Kurban Alvi, J.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2002 PLP 1112 (CLD) (). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Representation
- Saalim Salim Ansari for Petitioner.
- Date of hearing: 25th October, 2002.
Headnotes / Summary
(a) Companies Ordinance (XLVII of 1984)‑‑ ‑‑‑‑Ss.305 & 309‑‑‑Winding‑up of company for inability to pay its debts‑‑‑Factory (Company) was closed for more than one year‑‑‑Company was not having liquid assets from which its creditors could be paid‑‑‑Winding‑up of Company was justified in circumstances. (b) Companies Ordinance (XLVII of 1984)‑‑‑ ‑‑‑S.305‑‑‑Winding‑up proceedings‑‑‑Creditor's claim‑‑ Applicant‑Bank sought that its decree against Company be given preference at the time of distribution of Company's assets‑‑‑High Court appointed Official Assignee as Official Liquidator with the directions that when Official Liquidator called for claims from all creditors, then applicant‑Bank could file its claim before him. S. Salimuddin Nasir for H.B.L. and A.B.L.
Judgment & Decree
‑‑‑S.305‑‑‑Winding‑up proceedings‑‑‑Creditor's claim‑‑ Applicant‑Bank sought that its decree against Company be given preference at the time of distribution of Company's assets‑‑‑High Court appointed Official Assignee as Official Liquidator with the directions that when Official Liquidator called for claims from all creditors, then applicant‑Bank could file its claim before him. Saalim Salim Ansari for Petitioner. S. Salimuddin Nasir for H.B.L. and A.B.L. Date of hearing: 25th October, 2002. 1.The Official Assignee Reference dated 25‑10‑2001 is taken on record. His request is granted, the carpets may be sold. The fee for preparing the inventory is fixed at Rs.20,000 tentatively. This fee may be recovered from the sale proceeds.
2. Apparently the factory has closed down for more than one year and for all practical purposes there are no liquid assets from which the creditors' payment can be made. This is the justification behind which the Quaidabad Woollen Mills Ltd. needs to be winding‑up. The main application is granted by virtue of the fact that all necessary formalities in connection with the liquidation of a Company as laid down in the Companies Ordinance have been followed. Counsel for Allied Bank Ltd. claims that he has a decree against the petitioner‑Company in his favour and, therefore, he claims that whenever the assets are distributed his decree should be given preference. The Official Assignee is appointed as Official Liquidator. When the Official Liquidator calls for claims from all creditors then the H.B.L., A.B.L. and any other Bank shall file his claim before Official Liquidator. S.A.K./Q‑27/K Order accordingly.