26 Apr 2021
SUN PLAZA DEVELOPMENT SDN BHD HEJINGKANG SDN BHD
- Citation
- WA-24c-194-09/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24c-194-09/2020 (Mahkamah Tinggi)
Although SPDSB satisfied the threshold of s.16(1)(b) by commencing the substantive suit, the court found HSB to be illiquid but not insolvent and declined to grant an unconditional stay; instead the proper exercise of discretion was to secure the adjudicated sum by ordering SPDSB to deposit the adjudicated amount (including interest and costs) into an interest-bearing stakeholding account held by the defendant's solicitors pursuant to s.16(2) CIPAA, failing which any conditional stay would lapse.