7 Feb 2024
DA-28PW-7-08/2023 (Mahkamah Tinggi)
- Citation
- DA-28PW-7-08/2023 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- DA-28PW-7-08/2023 (Mahkamah Tinggi)
Section 524 of the Companies Act 2016 and Items 9-11 of Schedule C of the Insolvency Act 1967 do not apply to a third‑party secured creditor whose security was created by a third party; applying those insolvency provisions to third‑party security would conflict with Section 268(3) National Land Code and would improperly subject non‑bankrupt third‑party property to DGI jurisdiction. Therefore the DGI's rejection of the Petitioner's POD for failure to surrender the third‑party security was set aside and the POD must be admitted.