8 Dec 2023
MAA CREDIT BERHAD 1. ) BEST BIRDNEST SDN BHD 2. ) GREENPOWER VALUE SDN BHD 3. ) DATUK LIM SUE BENG 4. ) LEE SIAH SIAN @ LEE HAY MN
- Citation
- WA-22NCC-183-04/2023 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22NCC-183-04/2023 (Mahkamah Tinggi)
The Agreement's clause mirroring the proviso to s17 MLA permits the lender to charge simple default interest at 8% on arrears in addition to continuing contractual interest; concurrent charging does not constitute compound interest because the principal remains unchanged and the statute contemplates such additional simple interest; no triable issues exist and the 1st and 2nd Defendants' counterclaims are plainly unsustainable, entitling the Plaintiff to summary judgment and striking out of the counterclaims.