SUPREME POWER (M) PERFORMANCE SDN. BHD. v AMBANK (M) BERHAD
Catchwords
Companies — Winding up — Fortuna injunction — Application to restrain creditor from presenting and proceeding with winding-up petition — Debt founded on unstayed judgment — Whether company established bona fide dispute on substantial grounds — Whether pending appeal sufficient to justify injunctive restraint — Sections 465(1)(e) and 466(1)(a) Companies Act 2016 Companies — Winding up — Judgment debt — Effect of pending appeal — Whether filing of appeal altered legal character of judgment debt — Whether unstayed judgment remained valid and enforceable pending appeal Injunctions — Fortuna injunction — Governing principles — Whether intended winding-up petition bound to fail — Whether creditor using winding-up process oppressively or abusively — Whether injunction available where debt already reduced into judgment Civil Procedure — Stay pending appeal — Distinction between Fortuna injunction and stay of execution — Whether injunction proceedings improperly used to achieve practical effect of stay pending appeal Companies — Winding up — Bona fide dispute — Grounds challenging summary judgment — Whether complaints relating to quantification, unconscionability and enforcement transformed judgment debt into disputed debt Companies — Restructuring and insolvency — Scheme of arrangement — Judicial management — Proposed sukuk or bond issuance — Whether restructuring efforts and proposed financing sufficient to restrain statutory winding-up process Equity — Discretionary relief — Conduct of applicant — Repeated use of insolvency-suspension procedures — Prior dismissal of scheme of arrangement and judicial management proceedings — Whether conduct relevant to refusal of equitable relief Equity — Approbation and reprobation — Admission of indebtedness in restructuring proposal — Whether company precluded from subsequently asserting bona fide dispute to same debt Companies — Winding up — Abuse of process — Whether intended winding-up proceedings abusive where founded on valid and unstayed judgment debt Injunctions — Scope of relief — Open-ended injunction pending disposal of appeal and further appeals — Whether injunction too broad, indefinite and oppressive — Whether Fortuna injunction should ordinarily be tied to defined alternative process Companies — Winding up — Irreparable prejudice — Commercial consequences of winding-up petition — Whether alleged reputational and commercial harm alone sufficient to justify restraining creditor from exercising statutory rights Res judicata — Issue estoppel — Judgment debt — Whether merits of summary judgment could be indirectly reopened in Fortuna injunction proceedings absent stay or setting aside of judgment
Practice Areas
Judges (1)
Judgment
Read the full judgment on the official Malaysia Courts portal.
Read on eJudgmentSource: eJudgment (ma-24ncc-1-03-2025)