PAKISTAN INDUSTRIAL LEASING CORPORATION versus SUNRISE TEXTILE MILLS
Sections 297, 316 and 318 Termination of a Company Objectivity and Conclusion of Conclusions, concluding was a term by which a company was dissolved. Such a process was also called an act of care and a termination of the company. 'S assets were also dealt with. , Realized the debt and fulfilled the obligation of the company towards the lenders, the excess of the realized assets, if any, was distributed to members and the collateral was a legal process An incorporated company was eliminated by the company. The result of the order was that all the assets of the company would come to the court and arrange the company with the liquidator instead of the directors, and the chief executive of the company would transfer and dispose of the company's property by someone. Except for the liquidator, the law was forbidden and any law would revoke any transaction; after the summing order was approved, no lawsuit or proceeding could be initiated against the company, except the leave of the court. WHEREAS, the removal of the proceedings is pending, with the power to, by and against the Company for the entertainment and recreation of Section 316 of the Companies Ordinance, 1984, any lawsuit or proceeding by and against the Company Pending proceedings shall pass the objection of section 316 of the Companies Ordinance, 1984 to the Company Court, the direction of proceedings and summary rectification. Was accelerating. Claims for and against the company; and the provisions of the Companies Ordinance to protect unnecessary litigation, 1984 were special and they override other lawsuits;
Related judgments — Lahore High Court Lahore, 2009
