NINA INDUSTRIES LIMITED vs Ss — 2022 CLD 630 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2022 CLD 630 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2022
Reporter: CLD
Parties: NINA INDUSTRIES LIMITED vs Ss
Provisions referred to: Companies Act

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

NINA INDUSTRIES LIMITED VS Ss. 284, 285, 286, 287 & 288---Companies (Court) Rules, 1997, R. 55---Scheme of Arrangements---Settling of liabilities---Court, jurisdiction of---Commercial wisdom of parties---Petitioner company due to financial constraints sought approval of Court for Scheme of Arrangements to settle all its secured creditors whereas unsecured creditors could file suit for recovery---Validity---Indispensable statutory benchmarks and formalities were accomplished and adhered to by petitioners as envisioned under relevant provisions of Companies Act, 2017 and the enabling rules---Scheme set up for sanction was reinforced and fortified by requisite majority and the decision was just and fair--- Report of the Chairman unequivocally conveyed that all essential and fundamental characteristics and attributes of the Scheme were placed before the voters in separate meetings to live up to statutory obligations---Proposed Scheme as a whole looked like evenhanded and serviceable from the point of view of prudent men of business, taking a commercial decision---Once requirements of a scheme for getting sanction of Court were found to have been met, the Court had no further jurisdiction to sit over commercial wisdom of majority of class of persons who with their open eyes had given their approval to the Scheme---High Court sanctioned the Scheme of Arrangements as there was no material on record to suggest that the Scheme was against public interest or in violation of any law---Petition was allowed, in circumstances.

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