Islamabad High Court appointed Syed Ishfaq Hussain Shah as Official Liquidator to manage affairs of Microcred Financial Services Limited and Seedcred Financial Services Limited both currently under liquidation proceedings. The court issued public notices directing borrowers of UdharPaisa and Barwaqt digital lending applications to settle outstanding loans following special company law procedures.
Honorable Islamabad High Court directed all individuals having outstanding amounts payable to both companies through digital lending applications to settle loans in accordance with specific procedures. Borrowers must obtain credit reports from Tasdeeq Information Services Limited and DataCheck Limited depositing higher outstanding amount reported as payable to companies in liquidation. Official Liquidator will share updated credit information with Credit Bureaus within four weeks for updating credit history.
The court specified no payment shall be accepted through mobile banking applications, digital wallets, or any other digital means. Outstanding amounts can be deposited at any branch of Bank Makramah Limited across Pakistan using designated bank accounts. Borrowers must duly fill deposit slip providing full name, CNIC number, contact number, and purpose of transaction collecting stamped deposit slip as proof of payment.
Both companies are currently under liquidation proceedings before competent Court with affairs dealt under special company law. No person, individual, entity, creditor, authority, or third party is legally allowed to recover, claim, receive, or deal with any amount, asset, receivable, or liability on behalf of companies except Official Liquidator acting under court authority.
Borrowers are required to email prescribed format along with supporting documents to liquidatormicrocred@gmail.com and liquidatorseedcred@gmail.com including scanned deposit receipt, credit reports obtained from credit bureaus, and copy of CNIC. Payments made to unauthorized recovery agents or any other account will not be recognized for clearing credit history.
