1. ) IMPONOTIVE AUTO SDN BHD 2. ) KUASA WAJA AUTOMOBILE (M) SDN BHD 3. ) LTB MARKETING SDN BHD 4. ) S.P.A. AUTO GROUP (M) SDN BHD 5. ) S.P.A. HOTEL SDN BHD 6. ) S.P.A. SUPREME HOLDINGS (M) SDN BHD 7. ) SUPREME POWER AUTO SDN BHD 8. ) SUPREME POWER MARKETING (M) SDN BHD 9. ) SUPREME POWER PERFORMANCE (M) SDN BHD PENCELAH 1. ) OCBC Bank (Malaysia) Berhad 2. ) OCBC Al-Amin Bank Berhad 3. ) Kerajaan Malaysia 4. ) Standard Chartered Bank Malaysia Berhad 5. ) AFFIN BANK BERHAD 6. ) Tetuan Kartika &...
Catchwords
Section 366 & 368 Companies Act 2016 - Application for leave to convene a Creditors' Meeting to present a scheme of arrangement and to restrain proceedings - Applicants proposed a revised scheme after an initial scheme proposed in an earlier application was withdrawn following opposition by creditors - Court had allowed both the secured and unsecured creditors' application to intervene and oppose the application - both secured and creditors are the same creditors described as scheme creditors under the scheme Issues: (i) whether revised scheme is different and containing better particulars; (ii) whether particulars in revised scheme contains sufficient information for leave to be granted; and (iii) whether the Interveners' opposition to the application relevant to the determination whether leave ought to be granted Findings: (i) revised scheme was not substantially different from previous scheme; (ii) revised scheme did not contain enough information and particulars to explain how the scheme will be executed and how funds will be raised to pay liabilities; (iii) the secured and unsecured creditors opposition to the revised scheme indicates the sentiment that will be carried to the creditors meeting and therefore the application is futile since the applicants will not be able to secure 75% votes of creditors present at the creditors' meeting. Held: Application dismissed.
Judges (1)
Parties (16)
AFFIN BANK BERHAD Intervener CIMB BANK BERHAD Intervener IMPONOTIVE AUTO Sdn Bhd Applicant KUASA WAJA AUTOMOBILE Sdn Bhd Applicant Kerajaan Malaysia Intervener LTB MARKETING Sdn Bhd Applicant OCBC AL-AMIN BANK BERHAD Intervener OCBC Bank Berhad Intervener S.P.A. AUTO GROUP Sdn Bhd Applicant S.P.A. HOTEL Sdn Bhd Applicant S.P.A. SUPREME HOLDINGS Sdn Bhd Applicant STANDARD CHARTERED BANK MALAYSIA BERHAD Intervener SUPREME POWER AUTO Sdn Bhd Applicant SUPREME POWER MARKETING Sdn Bhd Applicant SUPREME POWER PERFORMANCE Sdn Bhd Applicant Tetuan Kartika & Co Intervener
Case Significance
1. ) IMPONOTIVE AUTO SDN BHD 2. ) KUASA WAJA AUTOMOBILE (M) SDN BHD 3. ) LTB ... is a High Court (Mahkamah Tinggi) decision dated March 25, 2025 (citation: ma-24ncc-4-07-2024). The case was decided by Mohd Radzi bin Abdul Hamid.
Key issues: Held: Application dismissed..
What was the outcome of 1. ) IMPONOTIVE AUTO SDN BHD 2. ) KUASA WAJA AUTOMOBILE (M) SDN BHD 3. ) LTB ...?
1. ) IMPONOTIVE AUTO SDN BHD 2. ) KUASA WAJA AUTOMOBILE (M) SDN BHD 3. ) LTB ... is a High Court decision dated March 25, 2025. The case was heard by Mohd Radzi bin Abdul Hamid. See the full judgment for details.
Judgment
Read the full judgment on the official Malaysia Courts portal.
Read on eJudgmentSource: eJudgment (ma-24ncc-4-07-2024)