19 Nov 2025
MAJU HOLDINGS SDN BHD PENCELAH 1. ) BRIDGEX SDN BHD 2. ) Maybank Islamic Berhad 3. ) ANTAH SCHINDLER SDN. BHD. 4. ) ZAFAS SDN BHD
- Citation
- WA-28JM-18-05/2024 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-28JM-18-05/2024 (Mahkamah Tinggi)
Applicant is insolvent but failed to prove on the required standard that a judicial management order would be likely to achieve the survival of the company as a going concern because (i) the Revised Proposal lacks credible, binding evidence of sufficient funding to complete the Ulu Tiram Turnkey Project and to generate sufficient net proceeds; and (ii) related creditors owed circa RM1.72 billion are left subordinated with no viable plan for settlement, leaving the company irreversibly insolvent; accordingly the JM application is dismissed with costs RM20,000.