25 Mar 2022
SURREALIST COMMUNITIES (M) SDN BHD PENCELAH 1. ) SCEC GROUP (MALAYSIA) SDN BHD 2. ) CEMERLANG SEJATI SDN BHD 3. ) Fong Cheng Ban 4. ) Aw Siew Fong 5. ) Liew Yoong Theng 6. ) Fong Chee Kang 7. ) Ahmad Khairul Bin Abdul Manan 8. ) Rosliana Bi
- Citation
- WA-28JM-20-10/2021 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-28JM-20-10/2021 (Mahkamah Tinggi)
The OS for judicial management was dismissed because the applicant failed to establish a bona fide, properly supported rescue proposal and did not make full and frank disclosure; the application was filed to frustrate a winding-up action immediately after failing to obtain an injunction; key audited financials and competent insolvency-prepared proposal were absent; the principal creditor (R1) holding the majority of the debt opposed the proposal making it unrealistic any scheme could obtain the required creditor approval, and the court will not act in vain.