8/2022 Judicial Companies Misc. Amer Tex (Pvt) Ltd and 6 others (Applicant) V/S NA (Respondent)
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author)
8/2022 Judicial Companies Misc. Amer Tex (Pvt) Ltd and 6 others (Applicant) V/S NA (Respondent) Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author) Order Date: 01-SEP-22
Since the Demerging Undertaking is subject to any liability immediately prior to the effective date hence for the purposes of this Demerging Undertaking the effective date is the date of this order and the Demerging Undertaking is deemed to have been transferred from this date subject to any liability prior to this date, over petitioner No.1. From the effective date of the approval of the Scheme by virtue of this order without any further act or deed, all charges or liabilities in relation to Demerging Undertaking shall be deemed to have been created by and vested with the petitioners No.2 to 7. The Demerging Undertaking (inclusive of liabilities) shall be deemed to be assumed by the petitioners No.2 to 7 as their own and consequently by assumption of such liabilities, the petitioner No.1 has been relieved from all obligations in respect of such liabilities as being assumed under the scheme. Consequently rights and securities of the creditors of petitioner No.1, if any, though not disclosed, will not be affected on account of subject scheme.