12 Nov 2025
AXIANERGY (M) SDN BHD PETRONAS GAS BERHAD
- Citation
- BA-24C-42-07/2025 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- BA-24C-42-07/2025 (Mahkamah Tinggi)
Although the Bank Guarantee was unconditional and payable on demand as between the issuing bank and the named beneficiary, the Court held that strict compliance with the guarantee's express terms and contractual default mechanisms is required; the Defendant's direction of payment to a third party without assignment or notice, the absence of substantiating evidence for the large reimbursement claim, the timing immediately after the Plaintiff commenced CIPAA proceedings, and failure to follow the Article 18 default/rectification process together constituted oppressive and unconscionable conduct…