AMBANK (M) BERHAD v TOP BUILDERS CAPITAL BERHAD (formerly known as Ikhmas Jaya Group Berhad)

ba-28ncc-601-09-2024 High Court (Mahkamah Tinggi) 8 January 2025 • BA-28NCC-601-09/2024

Catchwords

Wound up on the ground that it is unable to pay its debts-failure to comply with statutory notice of demand issued under section 466(1)(a)-service of cause papers- rule 25(1) of the Companies (Winding -Up) Rules 1972-rule 24 of the Companies (Winding -Up) Rules 1972-debst are not disputed-no affidavit in opposition-presumption of insolvency-debts remain unpaid-unsatisfactory explanation or opposition given by the Respondent-no evidence to suggest that the company is solvent-no attempt to settle the debt-absence of payment confirms a state of financial distress-court may also order winding up if it is just and equitable to do so-the persistent default and silence of the company justifies the exercise of this discretion-presumption of insolvency stands unrebutted.

Practice Areas

Wound up on the ground that it is unable to pay its debts-failure to comply with statutory notice of demand issued under section 466(1)(a)-service of cause papers- rule 25(1) of the Companies (Winding -Up) Rules 1972-rule 24 of the Companies (Winding -Up) Rules 1972-debst are not disputed-no affidavit in opposition-presumption of insolvency-debts remain unpaid-unsatisfactory explanation or opposition given by the Respondent-no evidence to suggest that the company is solvent-no attempt to settle the debt-absence of payment confirms a state of financial distress-court may also order winding up if it is just and equitable to do so-the persistent default and silence of the company justifies the exercise of this discretion-presumption of insolvency stands unrebutted.

Judges (1)

Raja Rozela binti Raja Toran Delivered

Parties (2)

AMBANK BERHAD Petitioner TOP BUILDERS CAPITAL BERHAD Respondent

Case Significance

AMBANK (M) BERHAD v TOP BUILDERS CAPITAL BERHAD (formerly known as Ikhmas Jay... is a High Court (Mahkamah Tinggi) decision dated January 8, 2025 (citation: ba-28ncc-601-09-2024). The case was decided by Raja Rozela binti Raja Toran.

What was the outcome of AMBANK (M) BERHAD v TOP BUILDERS CAPITAL BERHAD (formerly known as Ikhmas Jay...?

AMBANK (M) BERHAD v TOP BUILDERS CAPITAL BERHAD (formerly known as Ikhmas Jay... is a High Court decision dated January 8, 2025. The case was heard by Raja Rozela binti Raja Toran. See the full judgment for details.