Law:

Section:

Companies Ordinance (XLVII of 1984)--- ----S. 306---Winding-up of company---Liabilities exceeding assets---Proof---Appellant sought winding up of company in question on grounds of weak economic condition but Judge in Chambers of High Court declined the same---Validity---Deliberation to reasonable financial health of corporate body was liable to be considered along with quality of admission as even case of liquidation---Amount of claim did not become payable outright but was to be accepted and approved by management/liquidator and Company Judge respectively as the case could be---Current liabilities of company on year ended 2013 stood in sum of Rs. 217.3 million and assets at Rs. 69.7 million only; liabilities exceeded current assets by Rs. 147.6 million---Said company had lost its substratum and it was in interest of everyone concerned that it be wound-up---Division Bench of High Court directed the company to be wound-up, set aside order passed by Judge in Chambers of High Court and Official Assignee was appointed as liquidator---Appeal was allowed in circumstances. THIS JUDGMENT DELIVERED BY: MAHMOOD AHMED KHAN, JUSTICE:---.--- This is High Court Appeal filed under section 3(1) of the Law Reforms Ordinance, 1972 arising from the Judgment/Order dated 04.01.2016 as passed by the learned Company Judge of this Court in J. M. No. 09 of 2013 wherein present Appellant was the Petitioner. 2. It is stated in the Memo of Appeal that the Appellant is a Company incorporated in the British Virgin islands and is represented in Pakistan through its Senior Officer providing services in Seismic Exploration Data Processing/Reprocessing, Interpretation and Software Marketing for Oil and Gas Sector and other business activities worldwide. The appellant entered into an understanding with the Respondent No. 1 for 2D Seismic Data Processing services in respect of work allocated to the Respondent No. 1 by the Government of Pakistan i.e. one for Kuneri Block and another for Jherrick Block for US$166,106.18 and US$130,340.06 respectively totaling US$296,446.24. The required service were provided and invoiced on 24.03.2009 to be paid within 30 days. The Petitioner was informed through…

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