30 Oct 2025
Malaysian Industrial Development Finance Berhad GULA PERAK BHD (DALAM LIKUIDASI)
- Citation
- B-02(IM)(NCC)-493-03/2023 (Mahkamah Rayuan)
- Court
- IM
- Case number
- B-02(IM)(NCC)-493-03/2023 (Mahkamah Rayuan)
The Court of Appeal allowed the appeals: the ex parte leave to convene the scheme creditors' meeting was not made bona fide and amounted to an abuse of process; the High Court erred in refusing to set aside the August 2022 Order and in sanctioning the Scheme because proofs of debt were improperly admitted, the votes of an interested related‑party (the guarantor) distorted the statutory 75% threshold, the scheme was unreasonable and aimed at collateral relief (releasing the guarantor), and the sanctioning judgment failed proper reasoning. Consequently the August 2022 Order, the March 2023 Orde…