The Supreme Court has granted status quo to the Polish Oil and Gas Company working in Pakistan on the appointment of a liquidator until its appeal against the Banking Judge of the Lahore High Court was disposed of.
In an instant order dictated by Chief Justice Nazim Hussain Siddiqui after a brief hearing here on Thursday, the court ordered that the appeal be fixed for regular hearing after the summer vacations.
Earlier, in brief submissions, Muhammad Akram Sheikh informed the judges that his Polish clients had deposited a bank guarantee for US $12,000 as desired by them at the hearing last month. Hence, the lower court's order issued at the request of the Tullow Pakistan (Development) Limited may be held in abeyance, he added.
Afzal Siddiqui, a former deputy attorney general represented the Hafeez Pirzada Law Associates on behalf of the American oil company.
The Tullow and the Polish public sector company, PGNG, had a joint venture partnership to explore oil on five concessions given by the federal government. After the explorations failed to produce oil, the partners went for a settlement of accounts. Most of those were finalised except US $178,902 that were remained due to the Tullow.
In its pleadings before the Supreme Court, the Polish company said the delay in clearing the amount was due to non-receipt of funds from Warsaw, and also it still had some concession to work in Pakistan.
The Tullow Pakistan, however, moved the Company Judge of the Lahore High Court for the recovery of the balance amount from the assets of the Polish company. It also asked for the appointment of an official receiver to liquidate the company.
At the preliminary hearing of the appeal, the Supreme Court while admitted the case for detailed hearing, it asked the Polish oil and gas company to deposit a bank guarantee of US $12,000 before it suspended action on the LHC orders.
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