1. ' This is a petition under section 305 of the Companies Ordinance, 1984 for winding up of the respondent company M/s. Oregon Industries (Pvt.) Limited on the ground that it is unable to pay its debts.
2. ' It is alleged the petitioner had granted to the respondent-company foreign currency Loan DFL 2,022,309 in terms of the agreement dated 16th December, 1989, a photostat copy whereof is Annexure "A" to the petition; that the company failed neglected to repay the due instalments of the loan and committed default in payment thereof so that as on the 20th April, 1991, a sum of Rs,11,712, 373 was due and payable by the company to the petitioner; and that, consequently, the petitioner served on the respondent a notice under section 306 of the Companies Ordinance, 1984. A photostat copy of the notice is Annexure ' I' to the petition.
3. The notice of the petition was duly served on the respondents but they have failed to appear. The petition has been duly advertised under Rule 781 'of Sindh Chief Court Rules but no objections have been received from any quarter.
4. ' In the circumstances, the respondent-company is deemed to be unable to pay its debts and is hereby ordered to be wound up.
5. ' The Official Assignee is appointed Official Liquidator.