Sindh High Court allows PHDL winding-up under court supervision

Mettis Global reported that the Sindh High Court has permitted Pakistan Hotels Developers Limited (PHDL) to continue its voluntary winding up under the court's supervision. The company entered that process after its members passed a special resolution on December 31, 2024. The winding up could not be completed within one year, and a six-month extension granted on February 17, 2026 also proved insufficient because of pending litigation.

Counsel for the petitioner said a declaration of solvency had been filed, and that the five joint official liquidators, who are also directors and serve without pay, could continue as court liquidators at lower cost. The SECP, through its counsel, confirmed the petition and did not object. The court ruled that the petition counts as a winding-up petition by the court for jurisdiction over suits and other legal proceedings, and ordered notice of the main petition to be published in two daily newspapers, one in Urdu and one in English, plus the Official Gazette.

The order was passed by Justice Suman Rafat Imtiaz, and details were sent to the Exchange through a notification.