HABIB BANK LTD. vs THE OFFICIAL LIQUIDATOR, HOSPITAL EQUIP MENT SUPPLY
This petition for special leave to appeal was filed by Habib Bank Limited against an order of a learned Single Judge, which had dismissed the Bank's application requiring the Official Liquidator to furnish a bank guarantee regarding his remuneration. The core legal question was whether an Official Liquidator is legally required to furnish a bank guarantee for remuneration while performing duties under the supervision of the Court. The Supreme Court held that there was no merit in the petition. The Court affirmed the reasoning of the learned Single Judge, establishing the principle that an Official Liquidator remains under the direct control, direction, and supervision of the Court until the discharge of their duties. Consequently, the Court found no legal necessity for the Official Liquidator to furnish a bank guarantee for remuneration, as the Court's oversight provides sufficient accountability. The petition for special leave to appeal was accordingly dismissed.
- Is an Official Liquidator required to furnish a bank guarantee for their remuneration while performing duties under the supervision of the Court?
- Does the Court retain control, direction, and supervision over an Official Liquidator until the discharge of their duties?
ORDER
1. QMER KHAN, J.-This petition for special leave was filed under the following circumstances.
2. Habib Bank Limited filed an Inter Court appeal against the aforesaid order dated the 7th of May 1976. With the appeal an application was submitted for suspending the order of the lower Court but the learned Judges however by their order dated the 29th of July 1977 dismissed the application for suspension of the order in limine. Thereafter the Bank in the Inter Court Appeal submitted another application for requiring the official liquidator to furnish Bank guarantee in the sum that he resolved on account of his remuneration. This application was dismissed by a learned Single Judge on the 24th of July 1977. It is against this order that Habib Bank Limited has filed the present petition for special leave no appeal.
3. After hearing Mr. Shahid Hussain Kadri, learned Advocate for the petitioner it is abundantly clear that there is no merit in this petition. As remained by the learned Single Judge tie official liquidator remains under the control, direction and supervision of the Court till his duty is discharged and under the circumstances no bank guarantee was required to be furnished by the official liquidator.
4. There being no merit in the petition it is, therefore, dismissed. revisions by the competent authorities. Therefore, it is advisable to consult the official sources or legal professionals for the most up-to-date and accurate information.