12 May 2021
MALAYAN BANKING BERHAD (3813-K) ALDWYCH CAPITAL SDN BHD (NO. SYKT : 204344P)
- Citation
- WA-38-640-08/2018 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-38-640-08/2018 (Mahkamah Tinggi)
The court held the Practice Direction's requirement for a fresh valuation applies in circumstances where a sale was not conducted or was withdrawn and two years have elapsed; it did not apply in this case where the property had been put to auction five times. Under section 259 the court has discretion to set a new reserve taking commercial reality into account. Applying that discretion the appeal was allowed and the reserve was set at a 10% reduction from the fifth auction reserve; the Deputy Registrar to fix the auction date and procedures.