NEW JUBILEE INSURANCE COMPANY LTD. vs THREE STARS HOSIERY MILLS (PVT — 2025 CLD 1708 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2025 CLD 1708 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2025
Reporter: CLD
Parties: NEW JUBILEE INSURANCE COMPANY LTD. vs THREE STARS HOSIERY MILLS (PVT
Provisions referred to: 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

NEW JUBILEE INSURANCE COMPANY LTD. VS THREE STARS HOSIERY MILLS (PVT.) LTD. Ss.305 & 306---Petition for winding up of a company by a creditor---Maintainability---Remedy for the creditor where company is commercially solvent but unable to pay its debts, availability of---Scope---If a debtor company is merely unwilling to pay its debts but otherwise is commercially solvent, then the normal remedy available to a creditor is a suit for the recovery of the amount and not a petition for winding up---The object of Ss. 305 & 306 of the Companies Ordinance, 1984 is not to coerce a debtor company to make payment to an unpaid creditor, but to secure discontinuation of functioning of such company which has ceased to be commercially solvent.

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