Law: Companies Ordinance, 1984

Section: 319

Companies Ordinance (XLVII of 1984)--Ss. 319, 320, 421, 422, 284, 285 & 429---Corporate and Industrial Restructuring Corporation Ordinance (L of 2000), Preamble---State Bank of Pakistan, BPD Circular No.29 of 2002---Non-performing Assets and Rehabilitation of Industrial Undertakings (Legal Proceedings) Ordinance (LVIII of 2000), Ss. 3 & 4---Power of Court to recall winding up order of the company and to issue direction to the liquidator to handover the possession of the assets of the company free from all encumbrances---Scope---Limitation---Company, in the present case, was ordered to be wound up in 1997---Company/appellant in the year, 2005, contended that the creditor Consortium had arrived at a Settlement/ Compromise under BPD Circular No.29 of 2002 by the State Bank of Pakistan and according to the compromise/ settlement the applicants/ company were required to pay the forced-sale-value to the creditors; that some additional payments were also paid; that all the creditors had been paid; that the litigation against Corporation and Industrial Restructuring Corporation pending in the Supreme Court had also been withdrawn; that compromise between the parties had already been acted upon and prayed that the winding up order dated 29-9-1997 may be recalled and the liquidator be directed to handover the possession of the assets of the company free from any encumbrance to the applicant company---Creditor Consortium had admitted that it had no objection if application of the Company was allowed and that "the existing changes/encumbrances on the assets, may be allowed to be redeemed by the company on its own cost and expense in accordance with law---Corporate and Industrial Restructuring Corporation also admitted the facts and stated that the Corporation had received the payments as per settlement and had no objection to recall of the winding up order---Industrial Development Bank had also stated that it had no objection to the recall of the winding up order as it had received all the payments---Validity---Held, High Court under S.422, Companies Ordinance, 1984, in all matters relating to winding up of a company, shall have regard to the wishes of creditors or…

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