MUHAMMAD LAEEQ vs SINDH ALKALIES LIMITED Ss — 2022 CLD 256 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2022 CLD 256 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2022
Reporter: CLD
Parties: MUHAMMAD LAEEQ vs SINDH ALKALIES LIMITED Ss
Subject matter: Civil
Provisions referred to: S. 48; S. 404; S. 405; Companies Ordinance

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

MUHAMMAD LAEEQ VS SINDH ALKALIES LIMITED Ss. 305, 309, 311, 404 & 405---Insolvency (Karachi Division) Act (III of 1909), S. 48 & Second Schedule, Rr. 10, 11---Liquidation of assets of company---Debt, proof of---After the respondent company was wound up, the official assignee/official liquidator invited claims from creditors to distribute assets of the company---Applicant Banks filed their claims as secured creditors---Validity---Applicant Banks claimed their charge over auctioned land but in pleadings of their respective Banking suits they did not claim any such charge against auctioned property---No decree existed in favour of applicant Banks for receiving decretal amount through sale of auctioned land---Finance of applicant Banks was secured against other immovable land of respondent company through a charge/mortgage---Insolvency Rules in winding up of company were applicable under S. 404 of Companies Ordinance, 1984---Procedure for admitting secured creditors for the value of claim was provided in Second Schedule enacted under S. 48 of Insolvency (Karachi Division) Act, 1909---No such procedure was applied by secured creditors, therefore, R. 16 of Second Schedule to Insolvency (Karachi Division) Act, 1909, had come in action---Admitted amount of applicants as secured creditors was considered as un-secured however their claims would be paid after preferential claim was released under S. 405 of Companies Ordinance, 1984---High Court directed the official assignee to proceed further for renewal of lease of immovable properties of the company in liquidation---Application was disposed of accordingly.

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