10 Dec 2021
Dato K Kirubakaran, S Ravenesan and Siti Nur Amirah Aqilah binti Adzman for the Applicant [Messrs S. Ravenesan] LAIN-LAIN 1. ) Gabriel Daniel and Melissa Chan Shyuk Wern for the Liquidator [Messrs Paul Ong & Associates] 2. ) Gary Ng Cheng Y
- Citation
- POST WINDING-UP SUIT NO.: WA-28PW-18-01/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- POST WINDING-UP SUIT NO.: WA-28PW-18-01/2020 (Mahkamah Tinggi)
The court found on the facts that the filing of the Proof of Debt did not amount to an unequivocal election to surrender security because the POD did not value the security, the filing was inadvertent/laxity by prior solicitors, the applicant had exercised its security by appointing a receiver (appointment known to the liquidator), and the liquidator's conduct and delay estopped the liquidator from asserting surrender; consequently the court granted leave to withdraw the POD and restored the applicant as secured creditor, exercising inherent jurisdiction alongside Act 125 principles.