2011 PLP 1022 (MLD)
Insolvency Petition No. Nil of 2007
| Citation | 2011 PLP 1022 (MLD) |
| Forum / Court | Karachi |
| Bench Members | N/A |
| Parties | Insolvency Petition No. Nil of 2007 |
| Primary Law | Insolvency (Karachi Division) Act (III of 1909) |
Q1: What are the key laws and sections cited in 2011 PLP 1022 (MLD)?
This judgment primarily cites: Insolvency (Karachi Division) Act (III of 1909) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2011 PLP 1022 (MLD)?
The case was heard and decided by the Karachi bench comprising: N/A.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2011 PLP 1022 (MLD) (Insolvency Petition No. Nil of 2007). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- SYED HASAN AZHAR RIZVI, J.---Learned Official Assignee in his Reference No.1 of 2007 filed in the present petition on 28-6-2007 examined the petitioner on 14-2-2007 when he stated before the Official Assignee that he has to pay Rs.18,66,500 with markup to his creditors who all are Bankers whereas his assets are nil. The petitioner further stated before the Official Assignee that he has not maintained books of accounts and therefore the learned Official Assignee in his Reference referred to above submitted that the petitioner has failed to comply with Sub-Rule-1 of Rule 586 of Sindh Chief Court Rules, therefore no Insolvency Certificate as prayed for in the petition can not been issued to the petitioner. The learned Official Assignee further submitted in his Reference that on 16-4-2007 an order was passed by this Court in presence of the counsel for the petitioner that since the debtor has failed to comply With the Sub-Rule-1 Rule 586 of Sindh Chief Court Rules no certificate as required under Sub-Rule-2 of Rule 586 can be issued. However, the Official Assignee on 2-5-2007 sent a letter to the Advocate for the petitioner informing her to direct her client to appear before the Official Assignee on 8-5-2007 along with details of documents/books of accounts in terms of Rule 586(1) of Sindh Chief Court Rules. On 8-5-2007 the petitioner Yasir Farooq attended the office of Official Assignee and only produced one small copy/book showing some entries having no stamp, signature or the name of the party mentioned therein and the same cannot be treated as books of accounts according to the learned Official Assignee. It is further stated in the Reference No.1 of 2007 by the Official Assignee that the present petition has been filed in order to defraud his creditors. According to the learned Official Assignee the petitioner again failed to comply with the Sub-Rule-1 of Rule 586 of Sindh Chief Court Rules and order dated 16-4-2007 of this Court the petitioner has to pay Rs.19,00,000 with mark up to his creditors.
Headnotes / Summary
Ss.10 & 15
Sindh Chief Court Rules (O.S.), R. 586 (1) (2)
Books of account, non-maintaining of
Petitioner did not maintain books of account, therefore, Official Assignee did not recommend issuance of insolvency certificate to him--Validity-Petitioner had neither filed relevant documents nor relevant details of documents/books of accounts in terms of R.586 (1) of Sindh Chief Court Rules (O.S.)
No certificate as required under R. 586 (2) of Sindh Chief Court Rules (O.S.), could be issued to him
Petition was dismissed in. circumstances.
Judgment & Decree
SYED HASAN AZHAR RIZVI, J.
Learned Official Assignee in his Reference No.1 of 2007 filed in the present petition on 28-6-2007 examined the petitioner on 14-2-2007 when he stated before the Official Assignee that he has to pay Rs.18,66,500 with markup to his creditors who all are Bankers whereas his assets are nil. The petitioner further stated before the Official Assignee that he has not maintained books of accounts and therefore the learned Official Assignee in his Reference referred to above submitted that the petitioner has failed to comply with Sub-Rule-1 of Rule 586 of Sindh Chief Court Rules, therefore no Insolvency Certificate as prayed for in the petition can not been issued to the petitioner. The learned Official Assignee further submitted in his Reference that on 16-4-2007 an order was passed by this Court in presence of the counsel for the petitioner that since the debtor has failed to comply With the Sub-Rule-1 Rule 586 of Sindh Chief Court Rules no certificate as required under Sub-Rule-2 of Rule 586 can be issued. However, the Official Assignee on 2-5-2007 sent a letter to the Advocate for the petitioner informing her to direct her client to appear before the Official Assignee on 8-5-2007 along with details of documents/books of accounts in terms of Rule 586(1) of Sindh Chief Court Rules. On 8-5-2007 the petitioner Yasir Farooq attended the office of Official Assignee and only produced one small copy/book showing some entries having no stamp, signature or the name of the party mentioned therein and the same cannot be treated as books of accounts according to the learned Official Assignee. It is further stated in the Reference No.1 of 2007 by the Official Assignee that the present petition has been filed in order to defraud his creditors. According to the learned Official Assignee the petitioner again failed to comply with the Sub-Rule-1 of Rule 586 of Sindh Chief Court Rules and order dated 16-4-2007 of this Court the petitioner has to pay Rs.19,00,000 with mark up to his creditors. I have perused the Reference No.1 of 2007 and the relevant documents and it is apparent from the record that the petitioner has not till date filed the relevant details of documents/books of accounts in terms of Rule 586(1) of Sindh Chief Court Rules, therefore, no certificate as required under Sub-Rule-2 of Rule 586 of Sindh Court Rules can be issued to the petitioner, therefore, the present petition is misconceived and the same is therefore dismissed. M.H./Y-3/K Petition dismissed.