NETHERLANDS FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN vs MORGAH VALLEY LIMITED and SECP Ss

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NETHERLANDS FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN VS MORGAH VALLEY LIMITED and SECP Ss. 6, 276 & 277---Companies (Mediation and Conciliation) Regulations, 2018, Reglns. 3, 4, 9, 10 & 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 & 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. Citation Name: 2024 PLD 315 LAHORE-HIGH-COURT-LAHORE NETHERLANDS FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN VS MORGAH VALLEY LIMITED and SECP S. 89-a, O. IX-a & IX-B---alternative Dispute Resolution act (XX of 2017), S. 2 (i)---Mediation---Object, purpose and scope---Mediation is used to settle contract, interpersonal and human resource conflicts---Mediation involves intervention of a third person, or mediator, into a dispute to assist parties in negotiating jointly acceptable resolution of issues in conflict---Mediator meets with the parties at a neutral location where parties can discuss the dispute and explore a variety of solutions---Each party is encouraged to be open and candid about its own point of view---Mediator, as a neutral third party, can view a dispute objectively and assist the parties in considering alternatives and options that they might not have considered---Mediator is neutral and does not stand for personal benefit from the terms of settlement, and is impartial in that he or she does not have a preconceived bias about how the conflict should be resolved---Mediation is a process where parties meet with mutually selected impartial and neutral person who assists them in negotiation of their differences---Such process brings in hope of getting parties to discuss settlement through a trustworthy and skilled mediator who encourages settlement freeing up valuable court time and resources.

NETHERLANDS FINANCIERINGS MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN vs MORGAH VALLEY LIMITED and SECP Ss — 2024 PLD 315 LAHORE-HIGH-COURT-LAHORE

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