Law:

Section:

(a) Companies Ordinance (XLVII of 1984)------- --------Ss. 284, 285 & 305-------Application for winding up of company-------Liquidation proceedings------- Revival of proceedings------- Scope-------Arrangement, during winding up proceedings, was sanctioned between impleaded company and creditor but such arrangement was not complied with-------Effect-------Company Judge had jurisdiction under Ss. 284 & 285 of Companies Ordinance, 1984 not only to sanction an arrangement but also to ensure its compliance and award consequences in case of its violation-------Order passed by Company Judge under deeming provision on failure of sanction arrangement was an order of winding up of the company-------Jurisdiction of Company Judge to pass an order reviving winding up proceedings was provided under S.285(2) of Companies Ordinance, 1984------- No cogent reasons were provided by impleaded company for non-payment of terms of settlement and for High Court to provide any further indulgence to impleaded company to continue in retaining possession of the companies------- High Court revived liquidation proceedings of companies and liquidators were allowed to proceed with winding up proceedings of companies-------Application was allowed accordingly. Capital Assets Leasing Corporation's case 2003 CLD 1713; D.S. Venkatraman's case 1977 47 Comp. Case. 352 (Bom.); Company Law; Re Wreck Recovery and Salvage Co., (1880), 15 Ch. D. 353; Re-Great Eastern Electric Co., Ltd's case (1941) 1 All E.R. 409 and Anjuman Bhahbood-e-Mutassrin Taj Company's case 2005 CLD 1818 ref. (b) Interpretation of document------- --------Provision contrary to an enactment-------Scope-------Any provision of written instrument which is contrary to an enactment is void to that extent. (c) Companies Ordinance (XLVII of 1984)------- --------S. 284-------Arrangement/compromise, sanction of-------Powers of company Judge-------Scope-------Role of company Judge to sanction an arrangement or a compromise as provided under S. 284 of Companies Ordinance, 1984, is not that of a silent spectator but of a vigilant supervisor-------Company Judge has to ensure that scheme seeking sanction of Court is valid, reasonable,…

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