SYED ASGHAR HAIDER, J. - This petition under Section 305 of the Companies Ordinance, 1984, is for winding up of the respondent company on basis that it is incapable of liquidating its liabilities.
2. Learned counsel for the petitioner contended that the respondent company owes the petitioner a sum of Rs. 14,25,100.00 on account of civil works done by the petitioner, he also referred to the notice dated 29.8.2006, in this, context whereby the respondent company accepted its liability, thus, according tp the learned counsel this amounts to clear acknowledgement of debt and non- payment thereof entails winding up of the respondent company under Section 305 of the Companies Ordinance, 1984.
3. Notices were issued to the respondents through the modes prescribed and also through publications in the Daily Nawa-i-Waqt and Daily Dawn, pursuant thereto none entered appearance and thereafter the respondents were proceeded against ex parte on 22,1.2007, none has entered appearance even thereafter.
4. The respondent company M/s. Ihsan Processing Mills (Pvt.) Limited was incorporated in Lahore on 23.1.2003, vide Registered Certificate No. F-0719 issued by the Registrar Stock-Companies, Lahore and registered office of the company at Chak No. 203/REL Murdarba No. 73, Kila No. 9, Plot No. 5. Faisal Tow, Faisalabad The authorized capital of the company is Rs. 10,00,000/- divided in 1,00,000/- shares pf Rs. 10 each. The paid up capital of the company is Rs. 6,55,110/- divided into 65,511/- of Rs. 10 each. The company was catering to textile business. From the grounds made of in Clause .(c) and also from arguments made by the learned counsel today especially letter of acknowledgement dated 29.8.2006, it is clear that the respondent company is not in a position to liquidate its liabilities. There has been no opposition from any quarter to contest the assertions made, therefore, this petition is allowed as prayed for.
5. Mr. Abdur Rashid Qureshi, Advocate. Room No 12. Second Floor, Shafqat Plaza, 13, Fane Road, Lahore, is appointed as official liquidator, he is directed to take over the control of the assets of the company and to proceed in accordance with law thereafter. The Liquidator shall be paid fee of Rs, 30,000/- to be borne by the petitioner, to meet the expenses of winding up the petitioner is directed to deposit also a sum of Rs. 30,000/- in the liquidation account to be opened by the liquidator in his name for which he shall tender quarterly account's.
6. Now to come up for report of the official liquidator and further proceedings on 8.4.2008.