MST. ASEFA AFZAL versus MESSRS JOURNALIST PUBLICATIONS (PVT.) LIMITED
Sections 305 and 306 Law Reform Ordinance (XII of 1972), Section 3 Company procedure Termination of a company Unable to pay its debts One percent of its paid-up capital or Rs 50,000 whichever is less and 30 days service The loan cannot be cleared despite the company being unable to pay its debt in terms of section 306 of the Ordinance 1984. Where a lender has taken notice of the company and has demanded that the same payment be made to the company and if the company thereafter refuses to pay or neglect the amount for 30 days or to satisfy its reasonable satisfaction, Neglected to prepare it. Unless the lender makes a legal claim under section 306 of the Companies Ordinance, 1984, the company is not neglected to pay the debt, the assumption cannot be made that the company will pay its debt. The applicant was unable to, in the present case, unable to prove the company's failure to pay its debts.
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