Law:

Section:

Insolvency (Karachi Division) Act, 1909-- ----S. 15(3)(a)--Sindh Chief Court Rules, R. 586(1)(2)--Petitioner had failed to fulfill mandatory requirement of Sections 15(3)(a) of Insolvency Karachi Division Act and Rule 586(1)(2) of Sindh Chief Court Rules--No books of account was maintained--No documentary evidence and audit report to effect that petitioner sustained losses has been produced by petitioner before Official Assignee--Whole case of petitioner to sustain losses is based on theft and amount of ransom paid by petitioner--Petitioner has failed to make out his case for grant of insolvency certificate as claimed for under instant petition which was not maintainable. [P. 65] A PLD 2012 Sindh 522, ref. Order Petitioner has filed present insolvency petition under the Insolvency (Karachi Division) Act, 1909. Learned Counsel for the petitioner submits that the petitioner has failed to repay the debts of the creditors. petitioner is running his business of Travel and Tour Operator in the name and style of M/s. Karwan-e-Azam for the last ten years. Creditor No. 1 declared the petitioner as defaulter. petitioner obtained personal loan from Creditor No. 2/bank. It is the case of the petitioner that on 13.08.2012 when the petitioner was present in his office two culprits entered into his office and had taken cash of Rs.6 Million from the locker of the petitioner on gun point and also took away the. petitioner to some unknown place and demanded ransom of Rs.10 Million from the son of the petitioner. Family of the petitioner arranged ransom amount after selling valuables and taking loans and paid the ransom amount to the Kidnappers, who released the petitioner on 17.08.2012 and FIR No. 205/2012 was lodged on 23.08.2012 at P.S. Saddar. Learned Counsel for the petitioner contends that the petitioner has no moveable and immovable assets, hence present Insolvency petition has been filed to declare the petitioner insolvent. Notices were issued to the creditors and learned Official Assignee. Learned Official Assignee filed Reference No. 01/2013 on 01.3.2013 and detailed statement has been filed by the Counsel for the Creditor No. 1. Learned official Assignee stated in the…

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