Malaysian Industrial Development Finance Berhad v GULA PERAK BHD (DALAM LIKUIDASI)

b-02imncc-493-03-2023 Court of Appeal (Mahkamah Rayuan) 29 October 2025 • B-02(IM)(NCC)-493-03/2023 • 28 min read

24 cases cited (1 SG, 23 foreign)

Catchwords

Company law – Application for leave to commence meeting of scheme of creditors – Application to set aside order granting leave – Application to set aside dismissed by HCJ – Whether HCJ had erred in dismissing the Setting-Aside Application – Whether Leave Application constituted an abuse of process on ground that it was not made bona fide – Whether HCJ should have considered facts before him at the Settling-Aside Application – Companies Act 2016 section 366(1) Company law – Application to sanction proposed scheme of arrangement – Sanction granted – Appeal against decision of HCJ in sanctioning scheme of creditors – Whether HCJ had considered purpose and conduct surrounding the Scheme of Arrangement – Companies Act 2016 section 366(4)

Practice Areas

Judges (3)

Evrol Mariette Peters Delivered Faizah binti Jamaludin Coram Ravinthran a/l Paramaguru Coram

Counsel (6)

Ezmeel & Co Firm Soo Thien Ming & Nasrah Firm Ahmad Zakiuddin Bin Adnan Counsel Respondent Ailialef Hamima binti Aznan Counsel Appellant Felicia Ho Counsel Respondent Lua Ai Siew Counsel Appellant

Parties (2)

Malaysian Industrial Development Finance Berhad Appellant Gula Perak Bhd (dalam Likuidasi) Respondent

Statutes Cited

Companies Act

s 366(1) s 366(3) s 366(4)

Companies Act 1965 (Cap 777)

Companies Act 2016 (Cap 777)

Cases Cited (24)

SLR (1)

[1988] 1 SLR 374

UK (1)

[1947] AC 487

MY (22)

[1984] 2 MLJ 165 [1990] 1 CLJ 827 [1993] 3 CLJ 606 [1996] 2 MLJ 517 [1996] 3 CLJ 163 [1998] 2 CLJ 1 [2003] 2 MLJ 97 [2004] 8 CLJ 225 [2005] 2 MLJ 1 [2008] 1 CLJ 65 [2008] 2 MLJ 87 [2009] 1 CLJ 169 [2009] 6 MLJ 1 [2010] 3 MLJ 509 [2010] 9 CLJ 785 [2012] 4 MLJ 149 [2013] 4 MLJ 693 [2017] 3 MLJ 763 [2018] 3 MLJ 281 [2020] 10 CLJ 1 [2023] 3 MLJ 627 [2023] 5 MLJ 900

Judgment

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Read on eJudgment

Source: eJudgment (b-02imncc-493-03-2023)