Law:

Section:

Companies Ordinance (XLVII of 1984)--­ ----Ss. 387(5) Proviso; 368, 369, 371, 381 & 382---Object---Scope and import of Ss.368, 369, 370, 381, 382 and 387 of Companies Ordinance, 1984---Voluntary winding up of Company---Statutory period of one year for completion of winding up proceedings---Power of Court to grant extension in the period--Essentials and limits---Court in appropriate cases could grant extension for one month at a time; total period of extension, however, could not exceed six months---Provisions of Ss. 368, 369, 371, 381 and 382, Companies Ordinance, 1984 do not envisage extension of time for more than six months. Under section 387(5), Companies Ordinance, 1984 the winding up proceedings are required to be completed within a period of one year from the commencement of the winding up but this period can be extended under the proviso to subsection (5) of section 387 of the Ordinance. Court can grant extension for one month at a time but the total period of extension was not to exceed six months. Section 368 of the Ordinance in terms provides that if the liquidator was, at any time, of opinion that the company would not be able to pay its debts in full within the period stated in the declaration under section 362, or that period had expired without the debts having been paid in full, he should forthwith summon a meeting of the creditors and should lay before the meeting the statement of the assets and liabilities of the company and in such an eventuality, the creditors might appoint a different liquidator. Section 369 of Companies Ordinance, 1984 lays down that in the event of winding up continuing for more than one year, the liquidator would summon a general meeting of the company at the end of the first year from the commencement of the winding up and, if the proceedings were not concluded during the first year and extension was granted under section 387, within thirty days of such extended period. This provision was also of no help as it only lays down that in case proceedings for winding up were not concluded during the first year and time was extended under section 387, Companies Ordinance, 1984, the liquidator would summon the meeting of…

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