Law: Companies Ordinance, 1984

Section: 284,285,286,287,288

(a) Companies Ordinance (XLVII of 1984) S. 284 Scheme of arrangement Sanction of Court Scope Such scheme can be formulated and put up for sanction of the Court at any stage subject to any third party rights which may have been created by way of sale in pursuance of execution proceedings. (b) Companies Ordinance (XLVII of 1984)--Ss. 284, 285, 286, 287 & 288 Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), Ss.4, 7(4) & 27 Scheme of arrangement Outstanding debts, payment of Scheme of arrangement violating the provisions of Ss.4, 7(4) & 27 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 Decrees had been passed by Banking Court against the petitioner company and in favour of the Financial Institutions Petitioner in order to clear the liabilities of the Financial Institutions made a scheme of arrangement and filed the same before High Court for its approval Contention of the Financial Institutions was that the scheme was based upon mala fides as the same would reduce the decretal amounts or the amounts owed by the petitioner to the Financial Institutions Validity Scheme of Arrangement provided that recoveries of outstanding debts was being facilitated with the collateral attempt to keep the petitioner company alive Nothing existed to the Banking Laws or the Civil Procedure Code, 1908, which mandated that no attempt should be made to keep a Company alive -Where in the present scheme of arrangement, the petitioner had not attempted to reduce the decretal amounts or the amounts owed by the petitioners to Financial Institutions, the present proceedings were not in conflict with the decrees/orders or s passed by the Banking Courts or any appeals thereto Scheme of arrangement had neither violated the provisions of Ss. 27, 7(4) & 4 of Financial Institutions (Recovery of Finances) Ordinance, 2001, nor there was any conflict thereof with S.284 of Companies Ordinance, 1984 Scheme of arrangement was sanctioned and approved by High Court Petition was allowed in circumstances. 2001 SCMR 1341; Industrial Development Bank of Pakistan v. Allied Bank of Pakistan and another PLD 1986 SC 74; Solidaire India Ltd. v. Fairgrowth…

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