| Case ID |
67c95bb2-c537-4851-a831-3cf0ca44f351 |
| Body |
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| Case Number |
Judicial Miscellaneous No. 33 of 1992 |
| Decision Date |
Apr 11, 1995 |
| Hearing Date |
|
| Decision |
The Sindh High Court has ruled in favor of the petitioner, Pakistan Industrial Credit and Investment Corporation Limited, to wind up the respondent company, Messrs OREGAN INDUSTRIES (Pvt.) Ltd. The court found that the respondent was unable to pay its debts, as evidenced by the failure to repay a foreign currency loan of DFL 2,022,309. The petitioner served notice under section 306 of the Companies Ordinance, 1984, but the respondent did not appear in court. The application was advertised in accordance with the Sindh Chief Court Rules, yet no objections were raised. As such, the court deemed the respondent unable to pay its debts and ordered its winding up, appointing the Official Assignee as the Official Liquidator. |
| Summary |
This case revolves around the winding up of Messrs OREGAN INDUSTRIES (Pvt.) Ltd. due to its inability to pay debts. The Pakistan Industrial Credit and Investment Corporation Limited petitioned for winding up after the respondent defaulted on a foreign currency loan. The court's decision to wind up the company under the Companies Ordinance, 1984, highlights the legal process surrounding corporate insolvency. The absence of the respondent during the proceedings, coupled with the lack of objections from the public, led to the ruling, emphasizing the importance of adhering to financial obligations. This case serves as a significant reference for corporate debt recovery and the legal ramifications of insolvency in Pakistan, making it a critical point of study for legal professionals and corporations alike. |
| Court |
Sindh High Court
|
| Entities Involved |
PAKISTAN INDUSTRIAL CREDIT AND INVESTMENT CORPORATION LIMITED,
Messrs OREGAN INDUSTRIES (Pvt.) Ltd.
|
| Judges |
G.H. MALIK, J
|
| Lawyers |
Syed Mamnoon Hassan
|
| Petitioners |
PAKISTAN INDUSTRIAL CREDIT AND INVESTMENT CORPORATION LIMITED
|
| Respondents |
Messrs OREGAN INDUSTRIES (Pvt.) Ltd.
|
| Citations |
1996 SLD 1292,
1996 CLC 799
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Ordinance (XLVII of 1984),
Sindh Chief Court Rules
|
| Sections |
305,
306,
781
|