PUNJAB NATIONAL SILK MILLS LTD. vs NATIONAL BANK OF PAKISTAN — 1983 CLC 600

Citation: 1983 CLC 600

Court: Lahore High Court

Year: 1968

Decision Date: 1968-05-07

Parties: PUNJAB NATIONAL SILK MILLS LTD. vs NATIONAL BANK OF PAKISTAN

Headnotes

Case cited as 1983 CLC 600

Judgment Text

Court Name: Lahore High Court Judge(s): Waheeduddin Ahmad, Muhammad Fazle Ghani Khan Title: PUNJAB NATIONAL SILK MILLS LTD. vs NATIONAL BANK OF PAKISTAN Case No.: Letters Patent Appeal No, 233 of 1968 Date of Judgment:1968-05-07 Reported As: 1983 CLC 600 Result: Order accordingly JUDGMENT JUDGMENT ' WAHHIMUDDIN AHMAD, C. J.-In this case an application for liquidation under sections 162 and 163 of the Companies Act was filed by the National Bank of Pakistan on the allegation that the appellant, owes a sum of Rs, 6,99,899.73 on the 30th of November, 1966, that the appellant Company's business for the last three years has ceased, that a demand was made from the appellant for the payment of the above-mentioned amount and the appellant had failed to meet the demand. This application was made on the 30th of November, 1966, and on the 10th of January, 1967, an application for the appointment of Provisional Liquidator was made. On the 20th of July, 1967, a learned Single Judge of his Court appointed Sh. Maqbool Ahmad, Advocate, as Provisional Liquidator. This order is being challenged in this Letters Patent Appeal before us. 2. Arguments were heard at length in this matter. The parties have now agreed that the appointment of the Provisional Liquidator be main-tined on the following conditions : (1) That the Provisional Liquidator will prepare an inventory of all the assets of of the appellant- Company. (2) That the Provisional Liquidator will take possession of the goods pledged…

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