Ms. Aerrene Eng Tiong Mei & Lee Xiao Yao for the Applicant [Messrs Jal & Lim] Datuk Ganesan Karuppannan for the Respondent [Messrs Ganesan & Irmohizam (Kuala Lumpur)] PEMPETISYEN Denise Cheong Lin Hwei for the Petitioner [Messrs Raja, Darry

Ms. Aerrene Eng Tiong Mei & Lee Xiao Yao for the Applicant [Messrs Jal & Lim] Datuk Ganesan Karuppannan for the Respondent [Messrs Ganesan & Irmohizam (Kuala Lumpur)] PEMPETISYEN Denise Cheong Lin Hwei for the Petitioner [Messrs Raja, Darry

Applicant unequivocally elected under section 524(1)(b) by filing PODs, notifying the Official Receiver it would maintain PODs and not surrender security, and by participating and voting at the creditors meeting; therefore there was no mistake warranting expungement under Rule 95 or inherent jurisdiction, and the motion is dismissed with costs.

Citation
WA-28PW-255-09/2021 (Mahkamah Tinggi)
Parties
Petitioner: MCC OVERSEAS (M) SDN BHD; Respondent: TYL LAND & DEVELOPMENT SDN BHD; Applicant: SABAH DEVELOPMENT BANK BERHAD
Court
High Court
Jurisdiction
Malaysia
Judgment Date
29 March 2022
Case Number
WA-28PW-255-09/2021 (Mahkamah Tinggi)
Procedural Posture
Company Winding Up (post Winding Up) / Motion Under Rule 95 to Expunge Proofs of Debt; Judgment on Application to Expunge Pods
Outcome
Motion dismissed
Legal Topics
Proofs of Debt, Secured Creditor Election Under Section 524, Valuation of Security, Expungement of Proof of Debt, Liquidator's Admission and Discretion, Creditors' Meeting and Voting
Source Language
Malay/English
Company Law Insolvency Law Civil Procedure Proofs of Debt Secured Creditor Election Under Section 524 Valuation of Security Expungement of Proof of Debt Liquidator's Admission and Discretion +1 more

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Parties

MCC OVERSEAS (M) SDN BHD

Petitioner

TYL LAND & DEVELOPMENT SDN BHD

Respondent

SABAH DEVELOPMENT BANK BERHAD

Applicant

Procedural Posture

Company Winding Up (post Winding Up) / Motion Under Rule 95 to Expunge Proofs of Debt; Judgment on Application to Expunge Pods

Legal Issues

  1. 1 Whether the Applicant's proofs of debt (PODs) could be expunged under Rule 95 and/or the court's inherent jurisdiction
  2. 2 Whether the Applicant had elected under s524(1)(b) to value security and claim shortfall as unsecured creditor, thereby precluding expungement
  3. 3 Whether the PODs were filed by mistake or were otherwise infirm

Ratio Decidendi

Applicant unequivocally elected under section 524(1)(b) by filing PODs, notifying the Official Receiver it would maintain PODs and not surrender security, and by participating and voting at the creditors meeting; therefore there was no mistake warranting expungement under Rule 95 or inherent jurisdiction, and the motion is dismissed with costs.

Court Disposition

Motion dismissed

Orders

  • Motion dismissed with costs of RM12000.00 to be paid by the Applicant to the Respondent