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. 305; 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. 305(e)---Winding up of company---Default in payment of debt---Word "may" used in section 305 of the Companies Ordinance, 1984 ('the Ordinance') for the company court to admit the winding-up petition---Connotation and scope---Word 'may' clearly denotes the discretionary nature of the jurisdiction vested in the company court to pass a winding-up order---Company court must, first and foremost, be fully cognisant that it is called upon to examine the merits of the need of a winding-up order, and not settling disputes of a civil nature that may arise out of a contract or obligations arising under an agreement.

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