STATE BANK OF PAKISTAN vs PIONEER ALLIANCE PVT — 2022 CLD 1008 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2022 CLD 1008 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2022
Reporter: CLD
Parties: STATE BANK OF PAKISTAN vs PIONEER ALLIANCE PVT
Subject matter: Civil
Provisions referred to: S. 391---W; S. 12; Companies Ordinance (XLVII of 1984)

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

STATE BANK OF PAKISTAN VS PIONEER ALLIANCE PVT. LTD. Ss. 61 & 63(9)---Companies Ordinance (XLVII of 1984), S. 391---Winding up proceedings---Claim settlement of---Applicants objected to claim of Official Liquidator over property in question on the plea that they were bona fide purchasers of property in question from previous owner---Validity---If Official Liquidator had any interest in asset in question or its assets including the subject property, they could have filed an application to become a party in civil suit pending before civil Court---Official Liquidator, at relevant time did not deem it fit to become a party---Neither any application under S. 12(2), C.P.C. was filed in case the decree was allegedly obtained through fraud nor the same was challenged either prior to or even after it had attained finality---Report of Official Liquidator substantiated the averments of applicants that seller was in occupation of subject property as owner and no proceedings were pending against the property in question---Applicants/objectors were bona fide purchasers of subject property from its previous lawful owner, and the applicants purchased after due diligence and fulfillment of all codal formalities---All documents enclosed with application also fully supported claim of applicants/ objectors---Application was allowed, in circumstances.

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