Law:

Section:

(a) Companies Ordinance (XLVH of 1984)--Ss. 305, 309 & 306 (1 i)---General Clauses Act (X of 1897), S. 27--­Application for winding up of company was contested by company on the ground that same was not maintainable for want of service of statutory notice under 5.306, Companies Ordinance, 1984---Appellant company having changed its address, it was its obligation to have intimated such change to respondent (Banking Company) ---Respondent, therefore, had no other option but to lend notice on previous address ---Notice through registered post, acknowledgement due having been sent to appellant, on its known address presumption under S.27, General Clauses Act, 1897, would be that same had been received by addressee---Company's failure to discharge its liability within statutory period of notice---Presumption was rightly raised that appellant company was unable to pay its debts---Respondent had admittedly advanced loan to appellant for its project and appellant having acknowledged receipt of same and also having agreed to abide by the repayment schedule in six monthly installments, had miserably failed to discharge its liability, therefore, respondent was justified in moving petition for winding up of company---Impugned order whereby appellant (Company) was wound up having been passed in accordance with law and such order being just and equitable, did not warrant interference in. appeal. Emperor v. Laxman Bharmaji AIR 1946 Bom. 18; Madanlal Fakirchand Dudhediya v. Changdeo Sugar Mills Ltd. AIR 1958 Born. 491; Calcutta Safe Deposit Co. Ltd. v. Ranjit Mathurdas Sampat AIR 1971 Cal. 78 and Bachharaj Factories Ltd. v. Hirjee Mills Ltd AIR 1955 Born. 355 ref. (b) Companies Ordinance (XLVII of 1984)--- ----Ss. 305, 309 & 10---Banking Companies (Recovery of Loans) Ordinance (XIX of 1979), S. 2(2)---Banking Tribunals Ordinance (LVIII of 1984), S.4--­Winding up of company for non-payment of its loan---Petition for winding up was assailed by appellant on the ground that respondent was not Banking Company; therefore, petition filed by it was not maintainable ---Validity--­Respondent was listed as Banking Company under Banking Companies (Recovery of Loans) Ordinance,…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492