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‑ Ss. 162 & 163‑Provisional liquidator ‑‑Appointment of Parties agreeing on conditions regarding appointment of Provisional liquidator‑Order modified and appal allowed to such extent.

Sh. Abdul Mannan fo r Appellant

Sh. Mahboob Elahi and Iftikhar Ali for Respondents

WAHBBDJDD(N AHMAD, C. J.‑In this case an application for liquidation under sections 162 and 163 of the Companies Act was filed by the National Bank of Pakistan on the allegation that the appellant, owes a sum of Rs. 6,99,899‑73 on the 30th of November, 1966, that the appellant Company's business for the last three years has ceased, that a demand was made from the appellant for the payment of the above mentioned amount and the appellant had failed to meet the demand, This application was made on the 30th of November, 1966, and on the 10th of January, 1967, an application for the appointment of Provisional Liquidator was made, On the 20th of July, 1967, a learned Single Judge of his Court appointed Sh. Maqbool Ahmad, Advocate, as Provisional Liquidator. This order is being challenged in this Letters Patent Appeal before us. .

2. Arguments were heard at length in this matter. The parties have now agreed that the appointment of the Provisional Liquidator be main tained on the following conditions

(I) That the Provisional Liquidator will prepare an inventory of all the assets of of the appellant‑Company.

(2) That the Provisional Liquidator will take possession of the good pledged with the Bank and lying in the godowns belonging to the appellant. After preparing an inventory in the presence of the parties he will dispose of these goods at an early date in consult ation with the parties at the best available market price.

(3) That the machinery of the Mill will remain in possession of the appellants and it will be entitled to run it on its own during the pendency of the liquidation proceedings. The appellant, how ever, will furnish monthly accounts to the Court about the business done by.

(4) That the remuneration fixed by the learned Single Judge for the Provisional Liquidator will be Rs. 1,000 which for the time being will be borne by the respondent National Bank of Pakistan as ordered by the learned Liquidation Judge.

The expenses for carrying out tile above duties will also be met by the National Bank of Pakistan and in this connection Rs. 500 will be paid provisionally to the Provisional Liquidator.

(5) That further orders in these proceedings for carrying out the duties entrusted to the Provisional Liquidator will be obtained from the learned Single Judge dealing with the Liquidation cases and

(6) That the winding up of the proceedings which are pending before the learned Liquidation Judge will be disposed of in accordance with law. It will be open to the learned Single Judge to pass any order in that respect after recording the evidence of the parties and considering the question involved in the matter on merits.

These conditions have been accepted by both the parties who a present before us. We would therefore, modify the order of the learned Single Judge and allow the appeal to the extent mentioned above.

M' Y' H' ‑‑‑‑ Order accordingly.

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