JS BANK LIMITED vs GULISTAN TEXTILE MILLS LIMITED Ss — 2025 CLD 1625 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2025 CLD 1625 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2025
Reporter: CLD
Parties: JS BANK LIMITED vs GULISTAN TEXTILE MILLS LIMITED Ss
Subject matter: Civil
Provisions referred to: S. 19; S. 6; Companies Act

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

JS BANK LIMITED VS GULISTAN TEXTILE MILLS LIMITED Ss. 6 (14), 279 & 283---Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), Ss. 9 & 19---Reference by Official Assignee---Release of sale proceeds---Scheme of Arrangement---Objection, non-filing of---Official Assignee sought permission to release sale proceeds of pledged goods to the agent, in accordance with the Scheme of Arrangement---Bank objected to release of sale consideration under Scheme of Arrangement earlier approved by High Court on the plea that it had filed suit for recovery of finance---Validity---While hearing Reference filed by Official Assignee, High Court could not delve into the Scheme of Arrangement as the same was sanctioned by High Court in its company jurisdiction under Companies Act, 2017---Leave to defend application was neither heard nor decided---Bank, subject to decree passed in its favor, could file for execution under S. 19 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Neither the decree nor entire exercise would be in vain---It was open for bank to have assailed the Scheme under S. 6(14) of Companies Act, 2017---Omission of bank to assail Scheme of Arrangement in such regard was fatal---High Court directed the Official Assignee to release the amount lying with him to the "Agent" after deduction and adjustment of the amount referred by Official Assignee---Reference was allowed accordingly.

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