1. ' SYED HASAN AZHAR RIZVI, J.--- Petitioner has filed present Insolvency Petition under the Insolvency (Karachi Division) Act, 1909.
2. ' Learned counsel for the petitioner submits that the petitioner has failed to repay the debts of the creditors. Petitioner is running his business of Travel and Tour Operator in the name and style of Messrs Karwan-e-Azam for the last ten years. Creditor No,1 declared the petitioner as defaulter.
3. Petitioner obtained personal loan from Creditor No,2/bank. It is the case of the petitioner that on 13- 8-2012 when the petitioner was present in his office two culprits entered into his office and had taken cash of Rs,6 Million from the locker of the petitioner on gun point and also took away the petitioner to some unknown place and demanded ransom of Rs,10 Million from the son of the petitioner. Family of the petitioner arranged ransom amount after selling valuables and taking loans and paid the ransom amount to the Kidnappers, who released the petitioner on 17-8-2012 and F.I.R. No,205 of 2012 was lodged on 23-8-2012 at P.S. Saddar. Learned Counsel for the petitioner contends that the petitioner has no moveable and immovable assets, hence present Insolvency petition has been filed to declare the petitioner insolvent.
4. ' Notices were issued to the creditors and learned Official Assignee. Learned. Official Assignee filed Reference No,1 of 2013 on 1-3-2013 and detailed statement has been filed by the Counsel for the Creditor No,
1. Learned Official Assignee stated in the aforementioned Reference that the Petitioner has not maintained books of accounts. Learned Official Assignee sent letters to the Creditors of the Petitioner to file statement of account to furnish outstanding dues against the petitioner. The detail of outstanding dues has been given in para-6 of Reference No,1 of 2013. Learned Official Assignee stated that as per his own statement the petitioner nowhere stated that he has sustained losses in his business. All papers, documents and vouchers of the business of the petitioner have not been produced in the office of the Official Assignee except photocopies of statement of accounts issued by the Creditors/banks. No detailed of the amount which had been taken from the creditors by the petitioner, whether he spent the same, has been provided to the Official Assignee. No compliance of mandatory section 15(3)(a) of the Insolvency Karachi Division Act and Rule 586(1)(2) of Sindh Chief Court Rules have been complied with. Learned Official Assignee filed statement on 2-10-2013 to the effect that police has submitted final report/Challan No,54/2013 on 7-5-2013, wherein, it was submitted that F.I.R. No,205/2012 dated 23-8-2012 lodged by the petitioner was false and same was lodged in collusion with his son for obtaining monetary gains and deffauding the United Insurance Limited.
5. ' Counsel for the petitioner filed objections to the aforesaid reference, wherein it is admitted that petitioner made an innocent mistake as regards non-supply of books of account. Petitioner had been doing business of Travel Agency and was registered with IATA. He contends that nature of Travel Agency business was that normally books of accounts cannot be kept. Since 2009 the petitioner sent audit accounts to IATA as a mandatory requirement for continuation of the Travel Agency's registration.
6. ' Mr. Zeeshan Abdullah learned counsel for creditor No,1 argued that the present petition is not maintainable. He has referred to Civil Suit Nos.805 and 806 of 2012 filed by the Petitioner in the Court of VI Senior Civil Judge, Karachi-South against the creditor No,1 and IATA and trying to get benefit of present petition. He has also referred to certified copy of the Memo. Of Criminal Bail Application No,104 of 2013 filed by the petitioner in this Court wherein it is stated that:--- "That besides the above suits the Applicant also filed an Insolvency Petition bearing No,Nil of 2012 on 3-10-2012 before the Hon'ble High Court of Sindh, against, inter alia, the complainant/United Insurance Company, in which the Applicant has sought to be declared insolvent and to restrain the Creditors (including the Complainant) not to process and misuse the negotiable instrument lying with them. The learned Official Assignee was pleased to issue notice to the Complainant Company and other creditors on 20-11-2002 and directed them to appear before him on 5-12- 2002 with complete original documents of all outstanding amounts against the applicant. It is necessary to mention at this juncture that after filing the Insolvency Petition, the above mentioned suits were withdrawn by the applicant."
7. ' Learned counsel for creditors have placed reliance upon PLD 2012 Sindh 522 (Navaid Ahmed Siddiqui and 2 others v. Official Assignee).
8. ' I have heard learned counsel for the parties and perused the record with their assistance carefully.
9. After carefully examining the material available on record, it transpires that petitioner has failed to fulfil mandatory requirement of sections 15(3)(a) of the Insolvency Karachi Division Act and Rule 586 (1)(2) of Sindh Chief Court Rules. Admittedly no books of account was maintained by the petitioner. No documentary evidence and audit report to the effect that petitioner sustained losses has been produced by the petitioner before the Official Assignee. Whole case of petitioner to sustain losses is based on theft and amount of ransom paid by the petitioner but the challan submitted by the police belied the version of the petitioner. Learned counsel for the creditors has rightly pointed out that the petitioner in the civil and criminal proceedings filed by the creditors trying to take advantage of the present petition. Petitioner has failed to make out his case for grant of Insolvency Certificate as claimed for under the present petition and instant petition is not maintainable.
10. ' Above are the reasons of my short order dated 2-10-2013 whereby present petition was dismissed.