Law:

Section:

(a) Companies Ordinance (XLVH of 1984)-------Ss. 305 & 309---Civil Procedure Code (V of 1908), O. I, R.10---Winding-up of company---Petitioner being decree-holder against respondent (company) seeking to be impleaded in winding-up proceedings---Entitlement---Fact that petitioner Bank was decree-holder against respondent, per se was no ground to implead it as party in winding-up proceedings, for remedy by way of execution application was available to it---Execution application was, however, pending adjudication which was fixed for hearing on specified date---Position of decree-­holder was, at best, no better than that of creditor, who would be at liberty to seek remedy without being joined as party to winding-up proceedings. (b) Companies Ordinance (XLVII of 1984)--- ----Ss. 305 & 309---Petition for winding-up of company---Main ground for winding-up advanced on behalf of petitioner was that company had not been able to pay instalments of loan as undertaken in loan agreement on due dates and even failed to furnish annual report to petitioner---Validity---Fact that there was vast difference in assets and liabilities of company in its annual report for specified year, was neither just nor equitable ground to direct winding-up of company who was trying its best to flourish and to make up losses as per record---Simply because some financial institutions had huge claims against company was not, by itself, sufficient ground to direct winding-up of affairs of company for remedy by way of suit or claim before appropriate forum was always available to petitioner---Winding-up of company was declined in circumstances. ORDER By this application under Order I, Rule 10, C.P.C., intervenor, United Bank Limited, seeks an order for impleadment as a party to the winding-up petition under section 305 read with section 309 of the Companies Ordinance, 1984 (hereinafter referred to as the Ordinance) for the reason that they have obtained a decree from this Court against the respondent mills in the sum of Rs.14,62,474.75. 2. The fact that the intervenor Bank is a decree-holder against the respondent mills per se is no ground to implead them as a party in the winding-up…

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