The Lahore High Court (LHC) on Tuesday adjourned till September 20, the proceedings in a petition filed for the winding up of three units of Ittefaq Group of industries for being bankrupt and defaulters of some financial institutions.
The counsel of the National Bank of Pakistan and Corporate Law Authority submitted that the units namely Ittefaq Foundries, Ittefaq Textile Mills and Khalid Siraj Industries could not pay their bank liabilities. They also prayed to the court to proceed against the respondent ex-party, as they failed to plead their case. The court put off the hearing to consolidate other same nature cases.