Law:

Section:

Companies Ordinance (XLVII of 1984)-------Ss. 305 & 306---Sindh Chief Court Rules (O.S.), R.781---Application for winding up of Company on the ground that it was unable to pay its debts--­Petitioner Corporation had granted respondent (Company) foreign currency loan in terms of agreement which respondent failed to pay back---Petitioner served on respondent notice in terms of S. 306 of Companies Ordinance, 1984---Notice of application was served on respondent but it failed to appear---Application has been fully advertised in terms of 8.781, Sindh Chief Court Rules but no objection was received from any quarter---Respondent (Company) was, thus, deemed to be unable to pay its debts and was, therefore, ordered. to be wound up; Official Assignee was appointed Official Liquidator. ORDER This is a petition under section 305 of the Companies Ordinance, 1984 for winding up of the respondent company M/s. Oregon Industries (Pvt.) Limited on the ground that it is unable to pay its debts. It is alleged the petitioner had granted to the respondent-company foreign currency Loan DFL 2,022,309 in terms of the agreement dated…

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