| Citation(s) |
|---|
| 2002 SLG 708 2002 SLD 708 2002 CLD 1112 |
Sindh High Court
Judicial Miscellaneous No.37 of 2000, decision dated: 14-03-2002, hearing DATE : 25-10-2002
ZAHID KURBAN ALVI, JUSTICE
Saalim Salim Ansari for Petitioner. S. Salim-ud-Din Nasir for H.B.L. and A.B.L
Judicial Miscellaneous No.37 of 2000, decision dated: 14-03-2002, hearing DATE : 25-10-2002
ZAHID KURBAN ALVI, JUSTICE
Saalim Salim Ansari for Petitioner. S. Salim-ud-Din Nasir for H.B.L. and A.B.L
In the matter of Messrs QUAIDABAD WOOLLEN MILLS LTD.
Law: Companies Ordinance, 1984
Section: 305,309
(a) Companies Ordinance (XLVII of 1984)--Ss. 305 & 309 Winding up of company for inability to pay its debts Factory (Company) was closed for more than one year Company was not having liquid assets from which its creditors could be paid Winding up of Company was justified in circumstances. (b) Companies Ordinance (XLVII of 1984) S.305 Winding up proceedings Creditor's claim ¬Applicant Bank sought that its decree against Company be given preference at the time of distribution of Company's assets High Court appointed Official Assignee as Official Liquidator with the directions that when Official Liquidator called for claims from all creditors, then applicant Bank could file its claim before him. ORDER 1.The Official Assignee Reference dated 25 10 2001 is taken on record. His request is granted, the carpets may be sold. The fee for preparing the inventory is fixed at Rs.20,000 tentatively. This fee may be recovered from the sale proceeds. 2. Apparently the factory has closed down for more than one year and for…
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