Chenab Limited has resumed commercial operation under its ex-management headed by Mian Muhammad Latif which will provide as many as 15,000 jobs in addition to contributing its role in national exports. This sick unit was closed few years ago due to global meltdown.
Earlier, Justice Jawad Hassan of Lahore High Court has temporarily allowed Chenab Limited to resume its commercial operation under its ex-management as concerned banks were ready to reschedule their bank related liabilities.
Discussing the background of the case filed by Saudi-Pak Industrial & Agricultural Investment Company Limited v/s Chenab limited, it was told that after passing the winding up order, official liquidators were appointed by the court. However the applicants have now filed a fresh application for the grant of interim relief in the form of stay of operation of the winding up order along with restructuring and rescheduling plan. Of bank's installments.
Salman Aslam Butt Senior Advocate argued that applicant as an interim measure wants to start spinning, weaving and processing units in order to start production. The council further submitted that applicants have prima facie have strong case for the withdrawal of winding up orders as Habib Bank is ready for the restructuring of the debts of the company.
The leaned council further contended that the reason for immediate production and revival of company is to increase the export of Pakistan with the help of bank which will also create employment opportunities in addition to earning precious foreign exchange.
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