Law:

Section:

Companies Ordinance (XLVII of 1984)--- ----Ss. 305 & 306---Petition for winding up of company for its inability to pay its debt; for being commercially insolvent; for the reason that sub-stratum of company's business had disappeared; and that it was just and equitable that company should be wound up---Maintainability---Company would be deemed to be commercially insolvent, if it was unable to pay its debts or liabilities as they arose in ordinary course of business---Fixed assets, plant and machinery were not to be ignored in assessing solvency of company---For deciding question whether company was commercially insolvent, it must be determined whether it was unable to pay its current demands---Company in question, was admittedly in the state of smooth functioning; it had huge valuable assets; its business was not closed; and there was nothing concrete on record to conclude that it was commercially insolvent---Auditor's report filed in Court would furnish complete answer to winding up plea---Petitioner (Bank) had itself invoked jurisdiction of Banking Court for recovery of amounts due by filing three separate suits which was most appropriate and effective remedy to recover debt rather than to seek order for burial of company which was prima facie able to survive and practically operative---Petitioner (Bank) could not establish that company was rendered insolvent and not able to meet its prospective demands in its day to day affairs---No other creditor had come forward with a claim against company--Petitioner had suppressed material facts from Court with regard to replies received from company in relation to legal notice as also institution of its suits for rendition of accounts---Petitioner, thus, approached Court with unclean hands---Filing of winding up petition in wake of pending litigation on original side of High Court and under Banking Laws jurisdiction, would tend to reflect that winding up petition was not filed bona fide and was rather brought with dishonest motive to blackmail and pressurise the company---No case of winding up was, thus, made out against respondent-company. Habib Bank Limited v. Golden Plastic Limited 1991 MLD 124; Federation of…

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