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MESSRS CENTRAL COTTON MILLS LTD versus HABIB BANK LIMITED

Sections 305 and 306 Termination of Company Failure to clear bank defaulter loans To prove that it was unable to fulfill its obligations to identify the debts owed to the bank according to company records, A statement has been made stating how much money can be deposited to discharge the bank's obligations. The company made no specific denial of the bank's liabilities in a written statement, pending a civil suit between the parties against each other, especially as a result of the judge's filing by the bank to recover the loan amount. It is concluded that the company is not a commercially viable unit and is proceeding on a directional basis. The ploy raised by the company was that the bank had initiated a collateral proceeding to recover its outstanding balance and such action could not be substituted for the receipt of the money and that the company had the alleged outstanding dues. There were more than assets that were required by the bank to pay the required amount to the company, neither was fulfilled, nor was the security extended to a 30-day period, therefore, upon completion of the 30-day period, Nevertheless, any subsequent developments, including the submission of security, will present the process of collapse. Presenting security, as it is strictly adhering to the provisions of section 306 (1) (a) of the Companies Ordinance, 1984. Due to the direction of the company, the responsibility of the company may be the responsibility of the bank, but the fact remains that it was not in the running nor was it a business entity. best advocate from Mangla lawyer