30 Oct 2025
Alliance Investment Bank Berhad GULA PERAK BHD (DALAM LIKUIDASI)
- Citation
- B-02(IM)(NCC)-490-03/2023 (Mahkamah Rayuan)
- Court
- IM
- Case number
- B-02(IM)(NCC)-490-03/2023 (Mahkamah Rayuan)
The Court allowed the appeals, finding the ex parte leave application was not made bona fide and constituted an abuse of process; the High Court erred by failing to exercise proper supervisory scrutiny and by not addressing conflicts, improper admission of proofs of debt and the special interest of related-party creditors. The improperly admitted debts and votes of a guarantor distorted the 75% statutory threshold and the scheme was unreasonable and primarily intended to release the guarantor from personal liability. Consequently the impugned High Court orders were set aside and the scheme de…