NETHERLANDS FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. (F.M.O.) vs MORGAH VALLEY LIMITED and SEC

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NETHERLANDS FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. (F.M.O.) VS MORGAH VALLEY LIMITED and SECP Ss. 6, 276 and 277---Companies (Mediation and Conciliation) Regulations, 2018, Reglns. 3, 4, 9, 10 and 11---Company dispute---Mediation---Company Judge, duty of---Dispute between the parties was non-payment of loan amount extended by petitioner company to respondent company---High Court persuaded the parties to settle their dispute through mediation---Validity---Due to ever growing economic activism, stimulation and expansion of international investment, trade entities are eagerly and consistently falling in interactions, deals and transactions, not only with local citizens but with foreign business communities as well---In course thereof, parties aspire certain securities safeguarding and protecting their investments, interests and rights as well as guaranteeing resolution of trade/commercial/corporate disputes at the earliest and at the lowest costs of time and money, that too, under the umbrella of law---Using mediation as a technique to resolve trade/commercial/corporate disputes has now been transformed in a global movement---It is duty of Company Judge to protect interest of company and minimize adverse effect to it---Based on the strong principles to safeguard the interest of company and to resolve corporate dispute developed by Supreme Court in various judgments, provisions of Ss. 276 and 277 of Companies Act, 2017, can be invoked in order to protect interest of company and the Court can initiate process of Early Neutral-Party Evaluation ("ENE") and then mediation---Parties are encouraged throughout the litigation process to attempt to settle disputes, for good reason, and such decision may encourage more litigants to explore settlement possibilities before being ordered to do so by the court---Mediation outcomes not only save time and money of parties, but it also reduces load of work in Courts as well as it is the most updated way on resolutions based on the "divine culture of peace"---Issue between the parties pertained only claim of debt amount, which issue stood settled in the way that receipt of amount was admitted by petitioner---Disputed debt claim stood thoroughly satisfied and there was no justification for winding up the "company" in such a scenario---Petition was disposed of accordingly.

NETHERLANDS FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. (F.M.O.) vs MORGAH VALLEY LIMITED and SECP Ss — 2024 CLD 685 LAHORE-HIGH-COURT-LAHORE

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