FIRST DAWOOD INVESTMENT BANK LTD., KARACHI vs BANK OF PUNJAB through President, Lahore S — 2022 PLD 769 SUPREME-COURT

Case information

Citation: 2022 PLD 769 SUPREME-COURT
Court: Supreme Court of Pakistan
Year: 2022
Reporter: PLD
Parties: FIRST DAWOOD INVESTMENT BANK LTD., KARACHI vs BANK OF PUNJAB through President, Lahore S
Subject matter: Criminal
Provisions referred to: S. 306; 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

FIRST DAWOOD INVESTMENT BANK LTD., KARACHI VS BANK OF PUNJAB through President, Lahore S.306(1)(a)---Winding up of company---Default in payment of debt---Phrase 'neglect to pay' used in section 306(1)(a) of the Companies Ordinance, 1984 ('the Ordinance)---Words 'neglect to pay' expressed in section 306(1)(a) of the Ordinance, refers to a refusal of the company to pay without any reasonable cause---If the company raises a bona fide dispute, as to its liability to pay the amount claimed by the creditor, then in that case, there can be no 'neglect to pay' by the company, within the meaning of section 306(1)(a).

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