FOCUS LTD.: IN RE Versus FOCUS LTD.: IN RE

ORDER

Ch. Muhammad Ishaque, Advocate states that a sum of Rs.3,42,712 is payable by the Company under liquidation to the Income‑tax Department, as per details given in the memorandum. dated 21‑12‑1985. He, however, concedes that earlier the demand of Income‑tax Department intimated to the Official Liquidator was to the extent of Rs.1,27,000. He is not aware whether the Official Liquidator was given a notice before finalizing the assessments after remand of the matter from the Appellate Authority. The total assets realized by the official liquidator, as per his report No. 3 are Rs.1,28,787. There are two creditors namely the Income‑tax Department and one Mr. Ahmad Saeed whose claim for a sum of Rs.4,290 has been verified by the official liquidator. Mr. Khalid Mehmood Pasha the official liquidator, in view of the meagre assets has voluntarily foregone his remuneration and expenses incurred by him since taking over the charge as official liquidator. U nder sec tion 405 of Companies Ordinance, 1984 the debts due to the Federal Government are to be paid in priority to all other debts. The total assets amounting to Rs.1,28,787 are to be paid to the Income‑tax Department and after making this payment, the assets realized get exhausted and as such nothing remains to be paid to Mr. Ahmad Saeed, the other creditor. The amount of l Rs.1,28,787 shall be released to the Income‑tax Department.

2. Nothing more is required to be done. The Company is, therefore, dissolved finally. The consequential steps will be taken in accordance with law.

3. The official liquidator will deposit the record with the office according to rules. This case stands disposed of.

H . B . T . /F‑80/L Company dissolved.