UNITED BANK LIMITED versus GULISTAN TEXTILE MILLS LIMITED
Sections 305, 306 and 309 Company Termination Failure to Pay Debt The commercial insurance company became a hassle and was indebted to a number of lenders, including applicants, and was unable to pay its debts and even to pay its debts. There was no remote possibility of restoration and further existence or continuity would only increase its liabilities in harming its creditors and shareholders and the effect of the Company was inevitable and there was no objection was not. Received from any quarterly and legal proposal that the company has commercial insurance, the High Court appointed the official subsidiary, the official levyholder, who will take full charge and control of the affairs and assets of the company, the High Court directed. The liquidator will do all the work. Using such duties and duties and all such powers which were not required, the Company's law mills were located in different districts of the other province, therefore, authorized the Government Liquidator to seek the help of such persons at such places. Because it would fit in the best interest of the lenders and shareholders, and for speeding up. Petition was allowed in the company's acquisition situation
Related judgments — Karachi High Court Sindh, 2014
