' BASF Pakistan (Pvt.) Limited had sought winding-up of Spectrum (Pvt.) Limited on the grounds as admissible under the law. The respondent-Company did not contest the petition resultantly, the same was wound up on 18-10-1993 and Sheikh Ahmad Fazal, Advocate, 7-Turner Road, Lahore was appointed as Official Liquidator. It may also be added here that at the time of filing of the C.O., Ch. Muhammad Anwar Ghuman, Advocate, 1-Fane Road, Lahore was appointed as Local Commissioner, who had reported that there was no office, no staff member and no record room or records of any kind whatsoever.
2. In the background afore-noted, the Official Liquidator proceeded with the liquidation of the respondent-Company and had submitted reports which were considered by the Court and were disposed of. The Official Liquidator has submitted the final report wherein it is mentioned that the registered office of the Company does not exist anywhere and that Wali Muhammad and Masood Ahmad Mirza are the present Directors of the Company while the former is the Chief Executive of the Company. It is further reported that Grindlays Bank Limited, Main Branch Lahore and Citi Bank as also the petitioner and Sales Centre, Islamabad are the creditors of the Company and the letter sent to the Grindlays Bank asking them to disclose the details of their credit had been responded by the said Bank thereby intimating that there are no outstanding against the Company whereas the Citi Bank had not sent any reply. As far the credit of the petitioner is concerned, it is stated to be Rs,10,17,054 while that of Sales Centre, Islamabad is Rs,75,988. It is then submitted that the ex- Directors have not submitted any statement of affairs and as per some record recovered by the Official Liquidator there are 7 debtors of the Company from whom amounts totalling Rs,1,70,019 are recoverable from the two major debtors. Heavy Electrical Complex, Taxla and Messrs Malicule Laboratories were sent notices for recovery and in response thereto Heavy Electrical Complex Texla vide its letter dated 14-5-1994 has informed that it owes nothing to the Company and as regards the Malicule Laboratories, the notices sent to them have been received back undelivered.
3. In the above said state of affairs, the Official Liquidator has prayed that there is no hope of any recovery and that the winding-up proceedings are pending since 1993 and the only fund available in the liquidation account amounts to Rs,1,100. There are no assets of the Company in the hands of the Official Liquidator, hence the creditors are not likely to be paid back even a single penny. He has, therefore, prayed that he is not in a position to proceed with the liquidation of the Company with the request that it would be just and reasonable to dissolve the same. Confronted therewith, learned counsel for the petitioner feebly argued that there are some chances of recovery from the debtors of the Company and for that matter the petition be kept alive. The position of the Company as disclosed by the Official Liquidator is hopeless, for there is no likelihood of any recovery and since the petitioner is being further burdened with the liquidator's salary of Rs,5,000 per month, therefore, it is just and reasonable to dissolve the respondent-Company, which is hereby dissolved.
' Copy of the order shall be forwarded by the Official Liquidator to the Registrar, who shall proceed therewith in accordance with law where after the Official Liquidator shall be relieved of his duties.