19 Nov 2020
PAN NORTHERN AIR SERVICES SDN. BHD. MAYBANK ISLAMIC BERHAD
- Citation
- W-02(MUA)(W)-2512-12/2018 (Mahkamah Rayuan)
- Court
- MUA
- Case number
- W-02(MUA)(W)-2512-12/2018 (Mahkamah Rayuan)
The court held that the Asset Sale Agreements expressly fixed Ta’widh at 1% per annum calculated on the balance sale price for defaults paid before maturity; the Bank could not unilaterally impose a higher IIMM/'r' rate absent contractual notice or an enabling contractual provision; the Borrower’s payment was expressly made WITHOUT PREJUDICE and subject to reservation of rights so it did not bar a later claim; limitation did not bar the claim because payment and reserved rights, moratorium and discovery/mistake principles postponed accrual; consequently the Bank was ordered to refund the exce…