KL PETROGAS SDN BHD v SA Puncak Management Sdn Bhd

wa-24nccsoa-14-07-2025 High Court (Mahkamah Tinggi) 4 March 2026 • WA-24NCC(SOA)-14-07/2025 • 48 min read

17 cases cited (1 SG, 16 foreign)

Catchwords

Company law — Scheme of arrangement — Convening and restraining orders — Cross-class cram down — Whether court may grant convening order despite dissenting creditor holding statutory veto — Whether creditor may be separately classified to facilitate cram down — Whether such structuring amounts to abuse of process — Requirement that scheme be fair and equitable to dissenting class — Meaning of fairness as fair distribution of restructuring surplus and no worse off than liquidation comparator — Whether existence of “roadblock” precludes convening order — Companies Act 2016, ss 366, 368, 368D — Moneylending — Illegality of financing arrangements — Restitution of principal sum — Whether issues of fairness and bona fides to be determined at sanction stage

Practice Areas

Judges (1)

Suhendran Sockanathan Delivered

Counsel (7)

Mak LK & Co Firm Raj, Ong & Yudistra Firm Bala Ravi Sankar Counsel Respondent Layyin Teh Binti Hassan Counsel Applicant Mak Lin Kum Counsel Applicant Melody Tham Cheng Yee Counsel Respondent Sean Low Counsel Applicant

Parties (2)

KL PETROGAS Sdn Bhd Applicant SA PUNCAK MANAGEMENT Sdn Bhd Respondent

Statutes Cited

Companies Act 2016 (Cap 777)

Rules of Court 2012

Cases Cited (17)

SG (1)

[2015] SGHC 322

UK (10)

[1966] 1 All ER 1006 [1966] 1 WLR 819 [2009] EWHC 2114 [2016] EWHC 246 [2018] EWHC 3029 [2021] EWHC 138 [2022] EWHC 1941 [2024] EWCA Civ 24 [2025] EWCA Civ 821 [2025] EWHC 3395

MY (6)

[2021] MLJU 189 [2024] MLJU 3502 [2024] MLJU 633 [2025] MLJU 1234 [2025] MLJU 26 [2026] MLJU 26

Judgment

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (wa-24nccsoa-14-07-2025)