Law: Companies Ordinance, 1984

Section: Preamble

(a) Companies Ordinance (XLVII of 1984)---Preamble---Object of the Companies Ordinance, 1984 appears to be to protect the interest of the creditors and investors and promotion of investment and development of economy and matter arising out of or connected therewith. (b) Companies Ordinance (XLVII of 1984)--S.284---Compromise or arrangement---Scope and extent---Petition to seek approval of the Scheme, whereby it was proposed that the principal dues of both secured or unsecured creditors may be converted into equity, and that all the creditors shall waive mark-up---Objection application made by creditor Banks who had obtained mortgage decrees against the company and executions had been filed---Other creditors had also filed as many as seven suits and except one pending before the Banking Court, all were pending in the High Court---Proceedings in execution, as well as in suits, had been stayed under S.284(5) of the Companies Ordinance, 1984 in the present proceedings---Creditor---Connotation---Class of creditors---Determination of---Principles---Interest of whole class of creditors to be dealt with on the same footing---Function, powers and discretion to sanction or otherwise a scheme---Principles. The petitioner has filed the petition to seek approval of the scheme, whereby, it is proposed that the principal dues of both secured and unsecured creditors may be converted into equity, and that all the creditors shall waive mark-up. The objector Banks have obtained mortgage decree against the petitioner, executions have been filed. It also appears from the record that, other creditors have also filed as many as seven suits, except one pending before the Banking Court, all are pending in High Court, proceedings in executions, as well as in suits, have been stayed under S.284(5), Companies Ordinance, 1984 in instant proceedings. Section 284 of the Companies Ordinance, 1984, is a compete code in itself. It provides a mechanism whereby a company in order to restructure or reorganize itself or its shares and capital or to achieve the object of amalgamation or merger with any number of companies or demerger or bifurcate its operation into two or more entities, may with the…

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