Law:

Section:

(a) Companies Ordinance (XLVII of 1984) S.444(3) Winding up of foreign company Scope Order of winding up in case of unregistered foreign company can be passed by High Curt under S 444(3) of the Companies Ordinance, 1984. (b) Companies Ordinance (XLVII of 1984) S.444 Winding upon foreign company Commercial insolvency, plea of Allegations made in the petition for winding up of the respondent company was that the company should be dissolved because of commercial insolvency and the substratum of the company had gone Allegations made in the petitioner remained unchallenged by all the parties Official Assignee way appointed by High Court as Official Liquidator Petition for winding up was allowed accordingly. ORDER This is an application under section 309 read with sections 305 and 451 of the Companies Ordinance, 1984 wherein the petitioners Messrs Pak Shaheen (Pvt.) Ltd. have prayed for winding up of Messrs Croatia Line Rijeka, a foreign company not registered in Pakistan. The case of the petitioner is that they are engaged in the business of shipping and insurance agents at Karachi for a long time. Their office is situated at 24 27, Reclaimed Area, Kearnari. Karachi. Messrs Croatia Line Rijeka was formerly known as Jugolinija but after secession of Croatia as a result of civil war, the company was renamed as Messrs Croatia Line Rijeka, which is a shipping company incorporated under the laws of Croatia. The said company is engaged in the business of carriage of goods by sea from and to the port of Karachi for several years. The petitioner company, under an agency agreement, is their agent at Karachi for a long time. By virtuc of being agent of Messrs Croatia Line Rijeka they have also executed general bond as required under section 55(i)(d) and (e) of the Customs Act, 1969 whereby they undertook to be liable for any custom penalties that may be imposed on the vessels of Messrs Croatia Line Rijeka. Messrs Adamjee Insurance Company Limited has filed a suit being Suit No. 188 of 1990 for recovery of Rs.1,15,485 against Messrs Jugolinija and the petitioner has also been joined as co defendant in the said suit being agent of the said foreign company. Further, case of the…

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