Law: Provincial Insolvency Act, 1920

Section: 53,54,61

Law: Cooperative Societies Act, 1925

Section: 55

Law: Punjab Undesirable Cooperative Societies (Dissolution) Act, 1993

Section: 7(b)(e)

Punjab Undesirable Co-operatives Societies (Dissolution) Act, 1993-- ----S. 7(b) (e)--Co-operative Societies Act, 1925, S. 55--Provincial Insolvency Act, 1920--Ss. 53 & 54--Jurisdiction as co-operative judge--Power on PCBL to cancel agreements for general creditors of CEF liquidation for benefiting--General powers of a liquidator/ receiver, to avoid voluntary transfers and make pro rata distribution meant to treat similarly placed creditors of an insolvent entity equally are encapsulated in provisions of Section 7 of P.U.C.S. Act, 1993--Accordingly, preference given to petitioners over other similarly placed creditors of two defunct CFCs defeats any claim of locus poenitentiae posited by petitioners--Reason therefore, suffices to cancel NOC issued in favour of petitioners--Petition was dismissed. JUDGMENT UMAR ATA BANDIAL, J.---The judgment dated 26.04.2010 rendered by a learned Division Bench of the Lahore High Court, Lahore is assailed in this petition. The impugned judgment affirmed the view taken by the learned Single Judge of the High Court, who in exercise of his jurisdiction as Cooperative Judge dismissed on 28.04.2003 the petitioners' application filed against the order dated 28.04.2001 passed by the Chairman, Punjab Cooperative Board for Liquidation ("PCBL"). By this order the Chairman, PCBL cancelled the "No Objection Certificate ("NOC")" dated 30.10.1997 issued by his predecessor for sale to the petitioners of land measuring 193 Kanals, 12 Marlas situated in village Maraka, Tehsil and District Lahore belonging to National Industrial Cooperative Finance Corporation ("NICFC") in exchange for cash deposit receipts ("CDRs") issued by the NICFC and National Industrial Cooperative Credit Corporation ("NICCC"), both being defunct undesirable cooperative corporations ("CFCs"). 2. Learned counsel for the petitioners submits that the concurrent findings given by the High Court and the Chairman, PCBL are barred by locus poenitentiae. The said transaction of sale in favour of the petitioners was concluded under two agreements to sell executed on 28.10.1991 and 05.11.1991 by Ch. Abdul Majeed, Chairman of the both NICFC and NICCC. Out of total sale…

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