STATE LIFE INSURANCE CORPORATION OF PAKISTAN, KARACHI vs NINA INDUSTRIES LIMITED, KARACHI Ss

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STATE LIFE INSURANCE CORPORATION OF PAKISTAN, KARACHI VS NINA INDUSTRIES LIMITED, KARACHI Ss. 284 & 285---Companies Court Rules, 1997, R. 55---Scheme of Arrangement---Secured and unsecured creditors---Rights---Petitioners were minor share-holders of respondent company, who were aggrieved of sanctioning of Scheme of Arrangement by High Court---Plea raised by petitioners was that Scheme of Arrangement catered only for interest of secured creditors while ignoring interest of minority creditors and share-holders---Validity---All codal formalities were complied with---Objectors before High Court were minor share-holders and unsecured creditors, who could not point out any illegality or violation of the provisions of Companies Ordinance, 1984, in the 'Scheme of Arrangement' between respondent company and its creditors, nor could refer to any legal defect or procedural irregularity in order passed by High Court while sanctioning the 'Scheme of Arrangement'---Pursuant to the order of High Court, meeting of all stakeholders including creditors and members was held, wherein, 100% share-holders of respondent company and 95.09% in value of secured creditors pursuant to vote at the meeting, consented to and also passed a resolution approving 'Scheme of Arrangement', which fact alone was sufficient to reflect upon the will of majority creditors/share-holders while considering Scheme of Arrangement as in the best interest of respondent company and its share-holders---Secured creditors, who were majority share-holders, did not suffer from any legal infirmity or procedural defect---Supreme Court declined to interfere in judgment passed by High Court as petitioners failed to raise any substantial question of law---Petition for leave to appeal was dismissed and leave to appeal was refused.

STATE LIFE INSURANCE CORPORATION OF PAKISTAN, KARACHI vs NINA INDUSTRIES LIMITED, KARACHI Ss — 2025 CLD 402 SUPREME-COURT

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