Law:

Section:

(a) Companies Ordinance (XLVH of 1984)-------S.311---Petition for winding up of Company---Execution of decree of creditor---Winding up of company by Court was to be deemed to commence from date of filing of petition---Winding up petition was filed on 6-11-1984 and decree for amount in favour of creditor Bank and against company which was passed on 12-2-1979 could be executed within six years up to 11-2-1985---Earlier execution petition of creditor Bank having not been pursued by creditor Bank after same was returned by District Judge to be presented before Banking Court according to law, remedy of creditor Bank for execution of decree by presenting subsequent execution petition within prescribed period of six years, would not become barred by time. Ashfaq-ur-Rahman v. Chaudhry Muhammad Afzal PLD 1968_ SC 230 ref. (b) Companies Ordinance (XLVII of 1984)--- ----Ss.311 & 318---Petition for winding up of Company---Recovery of loan--­Where on date of institution of petition for winding up of company, remedy of creditor to recover its loan under law before ordering Court had not become barred by time, creditor concerned could recover loan by lodging claim before Official Liquidator and get it verified no matter if order for winding up of company was made at any time after expiry of period of limitation for recovery of such loan before ordinary Court. (c) Companies Ordinance (XLVII of 1984)--- ----Ss. 316 (1) & 333---Suit proceedings---Validity---Objection if any against continuation of suit proceedings, could be raised either by previous management of wound up company or Official Liquidator, but not by one of creditors of company---Decree in such suit even without impleading of Official Liquidator, was not void, but at the most could be held to be voidable at the instance of Official Liquidator. (d) Companies Ordinance (XLVII of 1984)--- ----S.318---Civil Procedure Code (V of 1908), O.XXIII, R.3---Compromise--­Considerations of---Compromise arrived at between parties, which was a lawful agreement within meaning of O.XXIII, R.3, C.P.C., could be considered by Official Liquidator instead of in terms of decree itself passed in favour of creditor. JUDGMENT By…

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