2 Jan 2020
1. TAN KIM TIAN (NO. K/P: 460414-71-5127) 2. TAN BAN SENG (M) SDN BHD (No. Syarikat) 033599-W) 1. TAN KIM CHUAN (NO. K/P: 501216-10-5385) 2. PRO[ERLAND REALTY SDN BHD (No. Syarikat: 046138-T)
- Citation
- W-02(IM)-1087-05/2018/W-02(IM)-1088-05/2018 (Mahkamah Rayuan)
- Court
- IM
- Case number
- W-02(IM)-1087-05/2018/W-02(IM)-1088-05/2018 (Mahkamah Rayuan)
The Court of Appeal held the joint liquidators acted within their statutory powers by appointing an independent valuer and offering the properties by first right of refusal at market value; absent bad faith, arbitrariness or irrationality the court must not substitute its commercial judgment for that of liquidators under s236(3) CA 1965. The High Court erred in directing open tender and substituting its view; the appeals were allowed and the sale process ordered to follow the parties' agreed terms (Exhibit A) and valuation (Exhibit B).