12 May 2020
PEMIUTANG PENGHAKIMAN 1. Maybank Investment Bank Berhad 2. Malayan Banking Berhad PENGHUTANG PENGHAKIMAN Lim Cheng Pow
- Citation
- WA-29VA-2-02/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-29VA-2-02/2020 (Mahkamah Tinggi)
The ex parte interim voluntary arrangement was obtained without full and frank disclosure of material prior and ongoing proceedings; the debtor's proposal was inherently flawed and unlawful because it purported to transfer assets owned by creditors (the Notes) and would unfairly and irreparably prejudice the applicants; the nominee failed to comply with mandatory rules; therefore the court, exercising its powers under s91(1) IA and inherent jurisdiction, set aside the ex parte protection and granted the applicants' relief to prevent an abuse of process.