PAKISTAN INDUSTRIAL CREDIT AND INVESTMENT CORPORATION LIMITED versus AJMA CORPORATION LIMITED
Sections 404 and 405 Bank of the Provincial Insolvency Act (V 1920) did not raise any objection at the relevant time. The issue raised by the applicant (the bank) was that its claim was filed under section 405 of the Companies Ordinance. All persons, including all persons, have the sovereignty, the Ordinance of Companies which is read with Section 47 of the Production Insurance License Act 1920 under the provisions of section 404 of 1984, 1984 was free to relinquish its security and such lenders choose to do so. But once the creditor has done so, the option to change the position that the first informant Zahir was available to the creditor (ie, to realize the outside winding protection), was no longer in the hands of any other lender who, according to the relevant provisions, had proved his debt to the official liquidator. Securities were abandoned, claims under section 405 of the Companies Ordinance should be preferred in terms of revenue, the High Court directed the government liquidator to pay the tax rather than withhold it. The amount and any balance remaining (whether for any profit / markup or any other reason) was to be distributed to the Company's lenders on the same terms as the application was previously dealt with \ r \ n
Related judgments — Karachi High Court Sindh, 2014
