9 Mar 2023
KOPERASI KAKITANGAN KERAJAAN HULU PERAK BERHAD SURIAMAS YAKIN SDN BHD
- Citation
- AA-B52NCvC-34-07/2019 (Mahkamah Sesyen)
- Court
- Sessions Court
- Case number
- AA-B52NCvC-34-07/2019 (Mahkamah Sesyen)
Clause 3 Schedule 3 of the SPA allowed rescission if the Purchaser could not obtain a loan from any bank or any licensed financial institution within six months; KOPSYA qualifies as an 'institusi kewangan' under the National Land Code as a cooperative conducting financial business; the KOPSYA correspondence amounted to a refusal; Plaintiff gave timely notice within the contractual period; therefore Plaintiff validly rescinded the agreement and is entitled to repayment of the RM650,000 deposit with interest and costs; Defendant's counterclaim failed for lack of proof of loss.