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CAs to assess liabilities of Chenab Tex, Picic

ISLAMABAD: Justice Sheikh Riaz Ahmed observed on Friday that textile industry has been in trouble for last many years and Financial Institutions should help the sick units.

Three-member bench of the Supreme Court comprising Justice Sheikh Ijaz Nisar, Justice Sheikh Riaz Ahmed and Justice Rana Bhagwan Das was hearing the petition filed by Chenab Textile Mills against Picic.

Justice Sheikh Riaz said that the Financial Institutions should inject some money into the sick units.

He further observed that the dispute between Chenab Textile and Picic is bona fide and they should settle it amicably.

The court appointed Furgouson Chartered Accountant firm to assess the libailities of the parties and directed to associate the parties with the chartered firm.

The court also directed that the expenses of the chartered company should be borne by the Picic.

Raja Anwar Senior Advocate SC pleaded that the Chenab Textile had paid all the debt but the company judge had ordered winding up of the limited company observing that it could not pay the debt.

He said only the price of the land exceeded to 200 million rupees against a debt of 26.4 million rupees including mark up which had already been cleared by Chenab Textile.

The court said that Furgouson will assess the liabilities and both parties would be associated to it for final assessment.

Chenab Textile was awarded loan facility by Picic under the loan facility from Italy in 1983. APP