Pakistan Hotels Developers seeks court supervision for winding-up process

Pakistan Hotels Developers Limited (PHDL) has informed the Pakistan Stock Exchange that its liquidators have filed an application before the High Court of Sindh at Karachi seeking continuation of the company’s voluntary winding-up proceedings under court supervision.

In a notice filed with the exchange on Wednesday, the company said the application was filed under Sections 381 and 386 of the Companies Act, 2017.

The company said the voluntary winding-up process had been ongoing, and after the initial one-year period expired in December 2025, the liquidators filed an application before the High Court of Sindh under Section 372 of the Companies Act, 2017 seeking more time to complete the process.

The court allowed that application and granted an extension of 180 days, up to June 29, 2026.

However, the company said the winding-up proceedings could not be concluded despite the liquidators conducting the process in accordance with the prescribed procedure under applicable laws.

According to the notice, the delay was due to pending legal proceedings and matters directly affecting completion of the liquidation process, including litigation and recovery of amounts due to the company.

Pakistan Hotels Developers Limited said its liquidators have now filed application JCM No. 38 of 2026 before the High Court of Sindh at Karachi on June 27, 2026, seeking continuation of the voluntary winding-up proceedings subject to the supervision of the court.

The company requested the exchange to inform TRE Certificate Holders accordingly.