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Petitioner: SPECTRUM FISHERIES LTD. VS Respondent: PICIC COMMERCIAL BANK
Court Name: Sindh High Court Judge(s): Muhammad Sadiq Leghari Title: SPECTRUM FISHERIES LTD. vs PICIC COMMERCIAL BANK Case No.: J. Misc. Nos. 21 and 31 of 2004, Date of Judgment:2005-03-03 Reported As: 2006 CLD 976 Result: Petition dismissed
Judgment ORDER MUHAMMAD SADIQ LEGHARI, J.---During the pendency of J.M. No,21/2004 filed by PICIC Commercial Bank against the Specturm Fisheries Ltd. The said respondent filed the present J.M. Under sections 284 and 288 of Companies Ordinance, 1984 and submitted a scheme for discharging the liability of the creditors. As mandatory requirement an approval of the scheme by 3/4th of the creditors had to be sought, this Court by order, dated 15-12-2004 appointed the learned Official Assignee as the Chairman of the meeting and fixed 60% of the creditors as quorum of the meeting. After holding the meeting the learned Official Assignee has submitted a report expressing therein that the creditors have opposed the scheme. Mr. Mansoorul Arfin learned Advocate for the petitioner does not dispute that position. ' In view of the fact that the scheme was not approved as required by law, present J.M. Fails and is dismissed along with listed application.