2/2014 Judicial Companies Misc. Industrias Cannon de Colombia S.A (Applicant) V/S Olympia Spinning & Weaving Mills Ltd (Respondent)
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author)
2/2014 Judicial Companies Misc. Industrias Cannon de Colombia S.A (Applicant) V/S Olympia Spinning & Weaving Mills Ltd (Respondent) Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author) Order Date: 15-AUG-16
The claim of the petitioner itself is yet to be ascertained on the touchstone of Article 51 and Section 19 of the Limitation Act which summarily cannot be decided here. Even in the case of Halla Spinning Mills the observation of the Honble Supreme Court was that efforts should be made by the judicial forums to adopt such device so that the project may continue running commercially and its financial liabilities starts reducing gradually. --The statutory notice of demand under clause (a) of subsection (1) of Section 306 of the Companies ordinance is in relation to a debt claimed by the petitioner which as observed is to be ascertained and is also subjected to a limitation clause and hence such statutory notice would also loses its strength when not only the claim is bonafidely disputed but is also subjected to the Limitation Act, which in this particular case appears to be a mixed question of law and facts.