Law:

Section:

Companies Ordinance (XLVII of 1984)------Ss. 284 & 288--Application under Ss.284 and 288 of the Companies Ordinance, 1984 submitting therewith scheme for discharging the liability of the creditors---High Court, in view of mandatory requirement of approval of the scheme by 3/4th of the creditors, appointed official Assignee as the Chairman of the meeting and fixed 60% of the creditors as quorum of the meeting---Official Assignee after holding the meeting of creditors submitted a report expressing therein that the creditors had opposed the scheme---Petitioner's counsel did not dispute the position as given by the official Assignee---High Court, in view of the fact that scheme was not approved by the creditors as required by law, dismissed the petition. Mansoorul Arfin for Petitioner. Arshad Tayebally for PICIC. ORDER MUHAMMAD SADIQ LEGHARI, J.---During the pendency of J.M. No.21/2004 filed by PICIC Commercial Bank against the Specturm Fisheries Ltd. the said…

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