Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) S.9 Companies Ordinance (XLVII of 1984), Ss. 290, 316 & 410 Suit for recovery of loan Stay of proceedings Defendant-¬Company was subsidiary Company of the Company which was under liquidation No proceedings could take place against defendant Company unless permission was sought by Company Judge from the Company Court under provisions of 5.316 of Companies Ordinance, 1984, as applicable to the defendant-¬Company Proceedings of suit were stayed in circumstances. National Bank of Pakistan v. Banking Tribunals Nos. 1 and 11 others PLD 1994 Kar. 358; IDBP v. Bahawalpur Board Mills Limited and others J.M. No. 69 of 1991; Pakistan American Fertilizers, Mianwali v. Ameer Abdullah Khan and another 1984 CLC 2170; UBL v. Sindh Tech. Industries Limited 1988 CLC 1152 and PLD 1994 Kar. 338 ref. ORDER This is an application under sections 316 and 410 of the Companies Ordinance, 1984 filed by Mr. Muhammad Nazar Khan, Administrator, Taj Company Limited. The contentions raised in this application are that by virtue of the order passed by Lahore High Court in J.M. 45 of 1990 the present defendants alongwith other companies like Bahawalpur Board Mills Limited have been declared as subsidiary companies of Taj Company Limited; the J.M. No. 45 of 1990 in the Lahore High A Court is still pending for final adjudication. The present suit has been filed by the plaintiff against Taj Printing Packaging Industries Limited and defendants Nos. 2 to 8 as guarantors. 2. I heard the counsel Mr. Muhammad Nazar Khan, Administrator of Taj Company Limited had relied upon the order, dated 22 5 1991 passed in Civil Original Suit No. 45 of 1990, National Bank of Pakistan v. Banking Tribunal No. 1 and 11 others PLD 1994 Karachi 358 and an unreported judgment in case of I.D.B.P. v. Bahawalpur Board Mills Limited and others in J.M. No. 69 of 1991 passed by this Court. He contended that in PLD 1994 Karachi 358 supra a D.B. of this Court has held that the present Administrator falls within the provisions of section 316 of the Companies Ordinance and therefore, no proceeding without seeking a permission under the said…

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