30 Oct 2025
1. ) Alliance Investment Bank Berhad 2. ) AmBank (M) Berhad 3. ) Malayan Banking Berhad 4. ) Malaysian Industrial Development Finance Berhad GULA PERAK BERHAD DALAM LIKUIDASI)
- Citation
- B-02(NCC)(A)-1168-07/2023 (Mahkamah Rayuan)
- Court
- NCC
- Case number
- B-02(NCC)(A)-1168-07/2023 (Mahkamah Rayuan)
The Court allowed the appeals because the ex parte leave application was not made bona fide and constituted an abuse of process, material proofs of debt were admitted without proper scrutiny and related-party votes distorted the statutory 75% approval threshold, the scheme's dominant purpose was to release the guarantor rather than rescue the company, and the High Court failed to properly analyze these matters and rendered non-speaking reasoning; accordingly the impugned High Court orders were set aside and the scheme declared invalid.