BIAXIS (M) SDN BHD [No. Syarikat: 488260-W]

BIAXIS (M) SDN BHD [No. Syarikat: 488260-W]

The application was dismissed because a secured creditor (Maybank) opposed the JMO which mandates dismissal under s.409 Companies Act 2016 absent a narrow public interest justification, and because the applicant failed to demonstrate the proposal was likely to achieve survival or better realisation due to absence of the nominated judicial manager's expert affidavit, speculative and unsigned term sheet, unverifiable recovery figures and generally insufficient credible evidence.

Citation
PA-28JM-2-11/2019 (Mahkamah Tinggi)
Parties
Applicant (company): Biaxis (M) Sdn Bhd; Secured Creditor / Respondent: Malayan Banking Berhad (Maybank)
Court
High Court
Jurisdiction
Malaysia
Judgment Date
1 January 1900
Case Number
PA-28JM-2-11/2019 (Mahkamah Tinggi)
Procedural Posture
Judicial Management Application / Decision on Application (dismissed)
Outcome
Application dismissed
Legal Topics
Judicial Management, Moratorium, Secured Creditors Opposition, Public Interest Exception, Corporate Restructuring, Judicial Manager Evidence Requirements
Source Language
Malay/English
Companies Law Insolvency Corporate Rescue Civil Procedure Judicial Management Moratorium Secured Creditors Opposition Public Interest Exception +2 more

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Parties

Biaxis (M) Sdn Bhd

Applicant (company)

Malayan Banking Berhad (Maybank)

Secured Creditor / Respondent

Procedural Posture

Judicial Management Application / Decision on Application (dismissed)

Legal Issues

  1. 1 Whether the company is insolvent for purposes of judicial management
  2. 2 Whether the proposal is likely to achieve survival of the company or a better realisation of assets
  3. 3 Whether the court may make a JMO despite opposition by a secured creditor on public interest grounds

Ratio Decidendi

The application was dismissed because a secured creditor (Maybank) opposed the JMO which mandates dismissal under s.409 Companies Act 2016 absent a narrow public interest justification, and because the applicant failed to demonstrate the proposal was likely to achieve survival or better realisation due to absence of the nominated judicial manager's expert affidavit, speculative and unsigned term sheet, unverifiable recovery figures and generally insufficient credible evidence.

Court Disposition

Application dismissed

Orders

  • Application for judicial management dismissed; judicial management order refused