1. The Official Assignee Reference dated 25-10-2001 is taken on record. His request is granted, the carpets may be sold. The fee for preparing the inventory is fixed at Rs,20,000 tentatively. This fee may be recovered from the sale proceeds.
2. Apparently the factory has closed down for more than one year and for all practical purposes there are no liquid assets from which the creditors' payment can be made. This is the justification behind which the Quaidabad Woollen Mills Ltd. Needs to be winding-up. The main application is granted by virtue of the fact that all necessary formalities in connection with the liquidation of a Company as laid down in the Companies Ordinance have been followed. Counsel for Allied Bank Ltd. Claims that he has a decree against the petitioner-Company in his favour and, therefore, he claims that whenever the assets are distributed his decree should be given preference.
' The Official Assignee is appointed as Official Liquidator. When the Official Liquidator calls for claims from all creditors then the H.B.L., A.B.L. And any other Bank shall file his claim before Official Liquidator.