Law:

Section:

(a) Constitution of Pakistan (19731---Art. 185 (3) and Companies Act (VII of 1913), S. 155 Leave to appeal Petitioners raising certain important questions of law regarding principles to be followed in winding up of Companies No authoritative decision of Supreme Court existing on point Leave to appeal granted to examine question. [Leave to appeal]. (b) Companies Act (VII of 1913 ----Ss. 162 & 163 read with Law Reforms Ordinance (XII of 1972), S. 3 Appeal under Companies Act, 1913 Petitions filed after promul¬gation of Law Reforms Ordinance, 1972 Ordinance barring all appeals under provisions of Letters Patent but not mentioning anything specifically with regard to appeals under Companies Act, 1913 Leave to appeal granted to consider whether bar of right of appeal under Letters Patent also includes appeals under Companies Act, 1913 Constitution of Pakistan (1973), Art. 185 (3). ORDER HAMOODUR RAHMAN, C. J. By these two petitions, the Punjab National Silk Mills Ltd. seek special leave to appeal from the judgments and orders of a learned Single Judge of the Lahore High Court whereby two Petition filed by the respective respondents herein for the winding up of the petitioner Company were allowed. Learned counsel appearing in support of these petitions contends that the winding up of the companies has been ordered on a complete mis-appreciation of the law relating to a secured creditor. It is contended that although the Court was aware of the fact that the creditor Banks applying for winding up were fully secured in respect of their advances by the pledge of goods of a much greater value, the Court had not taken this circumstance into account. Learned counsel has drawn our attention to the statement of account submitted by the National Bank o` Pakistan itself to show that the goods pledged with it were on its own estimate valued at Rs. 7,11,990 as against a debit balance of Rs. 6,99,899.73. Learned counsel also contends that such a secured creditor should not have been allowed to apply for winding up of the company when he could have recovered his debts by the sale of the pledged goods. In fact, the National Bank of Pakistan did at first seek to do so, for, they…

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