Lawyers Directory Listing
Unlock direct contact details for up to 10 lawyers so you can call or WhatsApp the right legal professional and move your matter forward with confidence.
Intra-Court Appeal No. 11 of 1985 in C.O. No. 29 of 1980, decided on 24th March 1986.
---S. 3--Companies Ordinance (XLVII of 1984), S. 323--Liquidation of company--Remuneration of liquidator--Liability to pay--Proceedings in respect of liquidation of company initiated at instance of Bank--Official liquidator, held, would be entitled to remuneration for efforts made by him in inquiring into affairs of such company and liability to pay such remuneration, would be of the Bank in view of proceedings having been initiated at the instance of such Bank.
Khawaja Saeed-uz-Zafar for Appellant.
Respondent in person.
Date of hearing: 24th March, 1986.
Through this appeal the State Bank of Pakistan seeks to assail the orders passed by a learned Single Judge, on 22-4-1985 in Civil Original No. 29 of 1980 directing the appellants to pay Rs.5,000 as remuneration to the official Liquidator The learned counsel appearing on behalf of appellants admits that the Liquidator will be entitled to remuneration but he argues that this liability cannot be placed on the appellants.
2. Action was initiated at the instance of the appellants in respect of Messrs Chenab Contractors Ltd. the company in liquidation. A Liquidator was appointed in consequence of the proceedings. The Liquidator after due inquiry found that the company had no assets or liability. The Liquidator naturally had to be compensated for the efforts made by him in inquiring into the affairs of the company. The mere fact that the rules do no indicate as to who has to pay the remuneration of the Liquidator cannot lead to the conclusion that no remuneration is to be paid to him. On the other hand, since the proceedings were initiated at the instance of the appellants, it is only fair and proper that the appellants be directed to pay the remuneration of the Liquidator. There is, therefore, no merit in the appeal. It is dismissed.
H.B.T. Intra-Court appeal dismissed.
Dealing with a matter like this? Connect with a verified advocate in your city — free on SJP Lawyers Directory.
🔍 Find a Lawyer