AWWAL MODARABA MANAGEMENT LIMITED vs Ss — 2023 CLD 624 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 624 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: AWWAL MODARABA MANAGEMENT LIMITED vs Ss
Provisions referred to: S. 11---C; S. 11

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

AWWAL MODARABA MANAGEMENT LIMITED VS Ss. 279, 280, 283 & 505---Competition act (XIX of 2010), S. 11---Compromise with creditors and members---Reconstruction or amalgamation of companies---approval of mergers from Competition Commission, exemption from--- Scope--- Petitioners (Modaraba Companies) sought sanction of the High Court to a Scheme of arrangement---In terms of the Scheme of arrangement entire undertaking and business including assets, rights, properties, benefits, powers, privileges, contracts, liabilities, encumbrances, obligations and dues of the petitioners Nos. 2 & 3 would be transferred to and vested in and assumed by petitioner against the issuance of certificates of petitioner No. 4 to certificate holders of petitioners Nos. 2 & 3 in terms as set out in the Scheme of arrangement---Petitioner No. 4 would act accordingly as a going concern whereas the petitioners Nos. 2 & 3 would cease to exist without winding up---Members, employees and certificate holders, etc. of the petitioners Nos. 2, 3 & 4 would remain secured and their rights and interests were taken care of in the Scheme of arrangement and so also the sole secured creditor who had also given its no objection---Petitioners were exempt from obtaining an approval to the merger from the Competition Commission of Pakistan in terms of S. 11 of the Competition act, 2010---Not a single certificate holder of any of the petitioners objected to the scheme---Petition was allowed.

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