SOUTH ASIA GEOPHYSICAL SERVICES (SAGEO) versus NEW HORIZON EXPLORATION AND PRODUCTION LIMITED (NHEPL)
Section 306 Limitation Act (IX of 1908) Section 19 Notice under section 306 of the Ordinance 1984 of companies prohibiting loans to apply for collateral of such company when the company is deemed to be unable to pay its debts. Cannot be properly issued on a mortgage loan, therefore, a company, on such a loan, cannot be considered to be unable to pay the debt, the debt must be in accordance with the provisions of the Limitation Act, 1908, when any A request for collateral was submitted to the company, and if not, then such a company cannot be harmed on such debt, The issuance of a notice under section 306 of the Company Ordinance, 1984, was not timely, which resulted in the unreasonable injunction of the aforesaid section, but the loan was withheld when the application was submitted. Yes, the company still could not be injured on the basis that it was unable to pay its debt
Related judgments — Karachi High Court Sindh, 2014
