POWER PROFESSIONALS AND ENGINEERS PRIVATE LIMITED vs IMS ELECTRIC PRIVATE LIMITED Ss

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POWER PROFESSIONALS AND ENGINEERS PRIVATE LIMITED VS IMS ELECTRIC PRIVATE LIMITED Ss. 5 & 301---Pendency of civil suit---Petition for winding-up of company---Maintainability---Petitioner filing petition for winding-up---Locus standi---Requisites for winding up, not fulfilled---Effect---Petitioner/Company, claiming itself as creditor of respondents/Company, filed petition for winding-up of respondents / Company while a civil suit filed by the petitioner (plaintiff) for recovery against the respondents remained pending adjudication---Validity---Petitioner failed to cite exact provision or circumstance of the Companies Act, 2017 ('the Act, 2017') which had been ignored or violated, due to which the instant petition was instituted---Petitioner also remained unable to provide any cogent document / reason to establish that the petitioner was indeed a creditor of the Company, and/or that they definitively owed monies by the respondent / Company, which the said Company was unable to pay---Company jurisdiction is founded under S. 5 of the Act, 2017, and S. 301 of the Act, 2017 deals with matters pertaining to winding-up of companies---Per S. 301 of the Act, 2017, there are several requirements provided under which a company may be wound up---In the present matter, none of such/those obligations had been legitimately argued or established by the petitioner---Ergo, since none of those circumstances had been established, the requirements to invoke jurisdiction of this Court remained unfulfilled, and hence, present petition was non-maintainable as at the best it was a commercial dispute between the petitioner and respondents, which was already in the process of adjudication before the civil court---Whilst there is no bar on winding-up proceedings commencing when there is a civil suit pending, but the jurisdiction under S. 5 of the Act, 2017 must still be first formed, showing that some violation or incurrence, creating a causation under the Companies Act, 2017, has occurred---The requirements for winding-up a company are entirely separate from a commercial dispute / claim---A claim for commercial recovery cannot be equated with a demand for winding-up, both of which follow separate conditions and constraints---Petition for winding-up, being entertain able, was dismissed, in circumstances.

POWER PROFESSIONALS AND ENGINEERS PRIVATE LIMITED vs IMS ELECTRIC PRIVATE LIMITED Ss — 2026 CLD 652 KARACHI-HIGH-COURT-SINDH

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