Malaysia Case Law: Decisions & Judgments | LexChat

Topic

Companies (corporate rescue mechanism) rules 2018

Legal area

Court

4 Dec 2024

DESA TIASA SDN BHD 1. ) BELLAJADE SDN BHD 2. ) CME GROUP BERHAD

Citation

B-02(IM)-626-04/2023 (Mahkamah Rayuan)
Court

IM
Case number

B-02(IM)-626-04/2023 (Mahkamah Rayuan)

Rule 13 of the Companies (Corporate Rescue Mechanism) Rules 2018 limits appearance to oppose a judicial management order to secured creditors and persons entitled to appoint a receiver; because Bellajade is an unsecured creditor it is precluded from intervening in the judicial management proceedings and the High Court's order permitting intervention was set aside.
23 Apr 2021

Ahmad Ezmeel for the Applicant [Messrs Ezmeel & Co.] PENCELAH Muneeba Ubaidi Hishamudin for the Intervener [Messrs Zul Rafique & Partners] LAIN-LAIN Gary Ng for the Judicial Manager [Messrs Dennis Nik & Wong

Citation

ORIGINATIONG SUMMONS NO. WA-28JM-9-02/2020 (Mahkamah Tinggi)
Court

High Court
Case number

ORIGINATIONG SUMMONS NO. WA-28JM-9-02/2020 (Mahkamah Tinggi)

Intervener's claimed Entitlement Sum remains uncrystallized and unascertained because the Project is incomplete and GDV cannot be determined as required by the JVA; consequently the claim is at best contingent and unliquidated, the Judicial Manager acted within his discretion and without bad faith in rejecting the POD, and under Rules 30 and 32 the intervener was not entitled to vote at the creditors' meeting.