13 Jan 2022
BGMC HOLDINGS BERHAD (Dahulunya dikenali sebagai BGMC Holidings Sdn Bhd) PENCELAH 1. ) LMM MARKETING SDN BHD 2. ) SM MEGABUMI SDN. BHD. 3. ) SM MEGABUMI SDN BHD 4. ) FULLOOP SDN. BHD. 5. ) YIK LOONG AIR-COND SDN. BHD. 6. ) HANSON BUILDING M
- Citation
- WA-24NCC-291-06/2021 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24NCC-291-06/2021 (Mahkamah Tinggi)
The court held that the statutory 75% threshold under s366 CA 2016 was exceeded; creditors were properly classified by similarity of legal rights so related-party creditors did not require separate classes; there was no evidence to discount related parties' votes; disclosures in the Explanatory Statement and Statement of Affairs were sufficient and not materially misleading; the scheme satisfied the bona fide and reasonableness tests (a reasonable businessman could approve it); accordingly the Court sanctioned the scheme and granted ancillary orders including as a condition that 43 retail lot…