1. ) Alliance Investment Bank Berhad 2. ) AmBank (M) Berhad 3. ) Malayan Banking Berhad 4. ) Malaysian Industrial Development Finance Berhad v GULA PERAK BERHAD DALAM LIKUIDASI)

b-02ncca-1168-07-2023 Court of Appeal (Mahkamah Rayuan) 29 October 2025 • B-02(NCC)(A)-1168-07/2023 • 28 min read
24 cases cited (1 SG, 23 foreign)

Outcome

B-02(IM)(NCC)-490-03/2023 B-02(IM)(NCC)-491-03/2023 B-02(IM)(NCC)-492-03/2023 B-02(IM)(NCC)-493-03/2023 B-02(NCC)(A)-1168-07/2023 18 May 2026 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 27 Grounds of Judgment of the learned High Court Judges, we allowed these Appeals with costs. Consequently, the August 2022 Order, the March 2023 Order, and the July 2023 Order were set aside, and the Scheme of Arrangement was declared invalid.

Quoted verbatim from the judgment of Court of Appeal (Mahkamah Rayuan) (b-02ncca-1168-07-2023). Read the full judgment on the official Malaysia Courts portal for the complete decision.

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

Company Law

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 (5)

AMBANK BERHAD Appellant Alliance Investment Bank Berhad Appellant GULA PERAK BERHAD DALAM LIKUIDASI) Respondent MALAYAN BANKING BERHAD Appellant Malaysian Industrial Development Finance Berhad Appellant

Statutes Cited

Companies Act
s 366(1) s 366(3) s 366(4)
Companies Act 1965 (Cap 777)
s 176(1)
Companies Act 2016 (Cap 777)
s 366(1)

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

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (b-02ncca-1168-07-2023)