Law: Companies Ordinance, 1984

Section: 305,309,311,404,405

Companies Ordinance (XLVII of 1984)--- ----Ss. 305, 309, 311, 404 405---Insolvency (Karachi Division) Act (III of 1909), S. 48 Second Schedule, Rr. 10, 11---Liquidation of assets of company---Debt, proof of---After the respondent company was wound up, the official assignee/official liquidator invited claims from creditors to distribute assets of the company---Applicant Banks filed their claims as secured creditors---Validity---Applicant Banks claimed their charge over auctioned land but in pleadings of their respective Banking suits they did not claim any such charge against auctioned property---No decree existed in favour of applicant Banks for receiving decretal amount through sale of auctioned land---Finance of applicant Banks was secured against other immovable land of respondent company through a charge/mortgage---Insolvency Rules in winding up of company were applicable under S. 404 of Companies Ordinance, 1984---Procedure for admitting secured creditors for the value of claim was provided in Second Schedule enacted under S. 48 of Insolvency (Karachi Division) Act, 1909---No such procedure was applied by secured creditors, therefore, R. 16 of Second Schedule to Insolvency (Karachi Division) Act, 1909, had come in action---Admitted amount of applicants as secured creditors was considered as un-secured however their claims would be paid after preferential claim was released under S. 405 of Companies Ordinance, 1984---High Court directed the official assignee to proceed further for renewal of lease of immovable properties of the company in liquidation---Application was disposed of accordingly. Pakistan Industrial Credit and Investment Corporation Limited v. Messrs Ajma Corporation Ltd. 2014 CLD 1097 rel. ORDER ZAFAR AHMED RAJPUT, J.--- By this common order, I intend to answer References Nos.29 and 30 of 2012 and 31 of 2017 submitted by the learned Official Assignee/Official Liquidator, so also to decide C.M.A. No. 341 of 2017 filed on behalf of Faysal Bank Limited (FBL), under section 151, C.P.C. 2. Learned Official Assignee/Official Liquidator has submitted Reference No. 29 of 2012 through which he has sought approval of this Court to distribute assets of…

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