Law:

Section:

Companies Ordinance (XLVII of 1984)-------S. 306---Limitation Act (IX of 1908) S. 19---Company when deemed unable to pay its debts---Petition for winding up of such company---Time-barred debts---Scope---Notice under S.306 of the Companies Ordinance, 1984 could not be validly issued on a time-barred debt, therefore a company could not, on such debt, be deemed unable to pay its debt---Debt must be within the period of limitation in accordance with provisions of the Limitation Act, 1908 when the petition for winding up of a company was presented, and if not, then such a company could not be wound up on such a debt---Debt, if was not time barred when notice under S.306 of the Companies Ordinance, 1984 was issued, thereby triggering the deeming provision of said section, but the debt was so barred by time the petition was presented, the company still could not be wound up on the ground that it was unable to pay its debt. Interactive Media and Communication Solution Private Limited v. GO Airlines Limited (2013) 199 DLT 267; Mosenthals Wool and Mohair S.A. Pty. Ltd. v. C.L. Jain Woolens Mills P. Ltd. (2013) 179 Comp. Cas. 174 (P&H); Gurdino Jiwatram Kukreja v. Eastern Mining and Allied Industries Ltd. (2004) 121 Comp. Cas. 762 (Gau); Mazboot Packers and Engineers Co. v. Himachal Pradesh Horticulture Produce Marketing and Processing Corporation Ltd. (1999) 95 Comp. Cas. 579 (HP); Vijayalakshmi Art Productions v. Vijaya Productions P. Ltd. (1997) 88 Comp. Cas. 353 (Mad); Niyogi Offset Printing Press Limited v. Doctor Morepen Limited (2009) 149 Comp. Cas. 467, 476 and Ridgeway Motors (Isleworth) Ltd. v. Alts Ltd. [2005] EWCA Civ 92, [2005] 2 All ER 304 rel. M.G. Kadir & Co. v. Abdul Latif PLD 1970 Kar. 708 and Province of West Pakistan v. Makhdoom Mohamed PLD 1961 Kar. 722 distinguished. ORDER MUNIB AKHTAR, J.---The petitioner seeks the winding up of the respondent company on the ground that it is unable to pay its debts. The petitioner is owed certain sums of money, which remain unpaid or otherwise not satisfied despite a notice dated 23-1-2013 under section 306 of the Companies Ordinance, 1984 having been served on the respondent. The petition was presented on…

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