1. ' SYED PIR ALI SHAH, J.---The petitioner has filed this winding up petition under section 309 of the Companies Ordinance, 1984 praying therein to direct winding up of the respondent company under section 305(c),(e)(f)(iii) and (h) of the Companies Ordinance, 1984.
2. ' The facts forming background of this litigation are that the petitioner and respondent are corporate entities. The petitioner is engaged inter alia, in supply of fabric etc. Whereas the respondent company was engaged, inter alia, in manufacture and sale of knitted fabric and garments. The petitioner is an admitted creditor of the respondent company under section 306(a) of the Companies Ordinance, 1984. It is stated that during the course of normal business, the respondent received Rs,20,00,000 on behalf of petitioner against sale proceeds of land owned by the petitioner and for confirmation of the said liability, the petitioner requested the respondent through letters dated 25-7-2005 and 27-7-2006. Accordingly the said liability was admitted by the respondent on 30-6-2005 and 30-6-2006 through its acknowledgments on the said letters. The grievance of the petitioner is that despite repeated demands, the respondent has utterly failed to pay the said liability. It is mentioned that through letters dated 9th August, 2003 addressed to various departments, the respondent company has admitted closure of its operations long ago.
3. However, finally a notice dated 31-1-2007 under sections 305, 306, 309 of the Companies Ordinance, 1984 was served upon the respondent by the petitioner but to no avail, hence this petition.
4. ' The respondent has filed para-wise comments, in which it has been stated that the petitioner is a Private Limited Company, and the same is not required to file its audited accounts with the Company. Registration Office, Karachi, therefore, their office is unable to determine whether the petitioner is creditor of the respondent company or not, as. Company Registration Office has no record regarding the mentioned transaction. That no record is available with the C.R.D. Karachi in this regard, as per the provisions of the Companies Ordinance, 1984 a Private' Limited Company is not required to file its accounts with concerned C.R.O. He further denied for want of knowledge that in the matter, C.R.O. Karachi has not received any communication, notice or other document from the respondent company, regarding the closure of its operation. He has further been stated that paid up capital of the Company is Rs,1.5 million as per Form-A made upto 30th October, 2006.
5. ' The respondent has also filed reply to the main petition stating therein that letters dated 25-7- 2005 and 27-7-2006 were received by the respondents and the same were replied through letters dated 30-6-2005 and 30-6-2006 and he has admitted financial statement referred in para. 6 and that due to unavoidable circumstances, operation of the respondent company, was closed even before 2003 and letter dated 31-1-2007 was received by the respondents mentioned in para 9 of the petition. It has been prayed that unless the petition is rejected with costs, respondent shall be seriously prejudiced.
6. On 8-4-2008, respondent filed statement in respect of Auditor's report of Messrs Najeeb Fibers (Pvt.) Ltd., showing an A outstanding receivable of Rs,2 million over Tanya Knitwear (Pvt.) Ltd.
7. In view of auditor's report showing an outstanding amount of Rs,2 million over Tanya Knitwear, it is directed that the respondent company has wound up the respondent company under section 305(c), (e), (f), (iii) and (h) of the Companies Ordinance, 1984, and is declared accordingly. The winding up petition under section 309 of Companies Ordinance, 1984, stands disposed of in the above terms. "