The appeal of Polish national oil and gas development company against liquidation will be taken by the summer vacations bench of the Supreme Court here on Thursday, according to the cause list of the First Bench.
Headed by Chief Justice Nazim Hussain Siddiqui, the bench includes Justice Abdul Hameed Dogar and Justice Muhammad Nawaz Abbasi working as puisne judges.
On the last hearing of the appeal in the last week of June, the Polskie Gornictwo Naftowe I Gazownictwo (Polish Oil and Gas Company), was directed by the court to deposit a bank guarantee for $12,000 to maintain a status quo in the dispute it had with its American joint venture partner, Tullow Pakistan (Development) Limited.
The Polish company is owned by the Government in Warsaw and had prospecting licence for certain areas in southern Pakistan. It is a joint venture with the Tullow Pakistan for exploration but drew blank at five sites.
During the settlement of financial accounts, the payment for nearly $178,902 was delayed over which the American firm moved the Lahore High Court seeking the payment and also initiation of the winding up process against the PGNG.
On behalf of the Polish firm, Muhammad Akram Sheikh has requested the Supreme Court to set aside the LHC orders for appointment of an official liquidator. As the PGNG had already furnished bank guarantee, the court on Thursday's hearing has to rule on the remaining pleas that seek the suspension of the lower court judgement until the final decision by the nation's highest court of appeals.