| Citation(s) |
|---|
| 2006 SLG 319 2006 SLD 319 2006 CLD 227 |
Lahore High Court
C.O. No.2 of 2001, decision dated: 15-12-2005, hearing DATE : 8-03-2005
SYED HAMID ALI SHAH, JUSTICE
Naeem Sehgal for Petitioner. Kh. Asif Mahmood for
Respondent.
C.O. No.2 of 2001, decision dated: 15-12-2005, hearing DATE : 8-03-2005
SYED HAMID ALI SHAH, JUSTICE
Naeem Sehgal for Petitioner. Kh. Asif Mahmood for
Respondent.
FAYSAL BANK LIMITED THROUGH ATTORNEY
VS
IRAM GHEE MILLS (PVT.) LTD. THROUGH CHIEF EXECUTIVE
Law: Companies Ordinance, 1984
Section: 127
(a) Companies Ordinance (XLVII of 1984)--Ss. 127, 305 & 306---Winding up of company---Inability of company to pay its debts---Loan obtained by company was secured by mortgage of property and registration of charge in favour of petitioner under S.127 of Companies Ordinance, 1984---Acknowledgment of outstanding liabilities by company in its letters addressed to petitioner---Non-payment of debt by company within thirty days in spite of having received petitioner's notice---Non-production for Court's inspection by company its balance sheets for last three years and proof of submission of statutory returns to Security Exchange Commission of Pakistan---Effect---Simple denial of liability by company in an evasive manner would not make debt disputed---Mere disputing debt in words would not be sufficient ground to resist winding up order---Commercial solvency of company had not been proved by submission of duly audited annual balance sheets---Company was commercially insolvent and was unable to pay its debts---High Court ordered winding up of company in circumstances. Trade and Industry Publication Limited v. Industrial Development Bank of Pakistan PLD 1990 SC 768; Habib Bank Limited v. Messrs Golden Plastic (Pvt.) Limited 1991 MLD 124; PICIC v. Indus Steel Pipe Limited 1993 MLD 94; Sindh Glass Industries Limited v. National Development Finance Corporation and others PLD 1996 SC 601; Habib Bank Ltd. v. Hamza Board Mills and others PLD 1996 Lah. 633; Banker's Equity Limited v. Balochistan Coaters Limited PLD 1997 Kar. 416; ICP v. Sindh Tech. Industries Limited 1997 MLD 2609; International Finance Corporation v. Hala Spinning Ltd. PLD 2000 Lah. 323; Deutsche Bank A.G., Lahore v. Messrs Farm Aids (Pvt.) Ltd. and 3 others 2004 CLD 449; Ghulam Hussain Ahmedalli and Co. v. Canhag Private Ltd. (1972) 42 Company Cases 136; G. Calridge and Company Ltd. v. Nav Bharat Investments Ltd. (1977) 47 Company Cases 428, (1962) 1 All ER 121 (Re. Tweeds Garages Ltd.); All Woolen Mills Limited v. Industrial Development Bank of Pakistan and others PLD 1990 SC 763 and Messrs Platinum Insurance Company Ltd. v. Daewoo Corporation PLD 1999 SC 1 ref. Union Bank Ltd. v. Pak Wheat Products PLD…
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