Law: Companies Ordinance, 1984

Section: 284.285,286,287,288

Companies Ordinance (XLVII of 1984)--Ss. 284. 285, 286, 287 & 288 Scheme of arrangements Repayment of debts Creditors having outstanding liabilities to the extent of over 9796 of the credit had no objection to the sanction of the scheme No other creditor had filed any objection Scheme envisaged repayment to be made over a period of up to 10 years which covered the entire amount of principal as well as mark up thereon at the rates set forth therein In addition to the repayment, the scheme also provided additional securities to the creditors by way of transfer of property in the leased assets from the leasing companies to the petitioner and secured by the creditors Effect Under the scheme of arrangement, the creditors were on better footing with additional security and backed by their own supervision and monitoring of the affairs of the petitioner Company to be carried out through an executive committee Scheme proposed by the petitioners and as approved in the meeting of creditors of the Company, was sanctioned by High Court Petition was allowed accordingly. ORDER By this petition under sections 284 to 288 of the Companies Ordinance, 1984 petitioner, a company incorporated under the provisions of the Companies Ordinance, 1984 as a public limited Company seeks approval of the scheme for repayment of the debts as worked out by the creditors in pursuance to section 284.of the Companies Ordinance. The brief facts of the case are that the Company was incorporated in the year 1984 and established Cement Manufacturing Plant at Hattar. During the business operations the Company incurred liabilities to the tune of Rs.4.543.314 million. That led to the institution of numerous cases against the Company by the creditors. A list whereof is attached as Annexure 7 to the petition. In addition the Company also instituted cases/appeals details whereof are set forth in Annexures 8. The main creditors of the Company are bankers. Development Finance Institutions and Leasing Companies representing 97% of the creditors. Orders for convening a meeting of the creditors were passed by this Court on 16 8 2001. In pursuance to the aforesaid orders meeting of the creditors was notified…

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