IFCI LIMITED v 1. ) BISHOPGATE CAPITAL LIMITED 2. ) ARCHIPELAGO INSURANCE LIMITED

wa-22ncc-705-12-2019 High Court (Mahkamah Tinggi) 18 March 2025 • WA-22NCC-705-12/2019 • 90 min read

29 cases cited (0 SG, 29 foreign)

Outcome

For the above reasons, I allow the Plaintiff’s claim against the Defendants with costs of RM 100,000.00 to be paid by each Defendant to the Plaintiff subject to the allocator. The costs are awarded based on the seniority of counsel, the complexity of the issues in dispute, the importance of the subject matter of the claim to the clients and the number of days spent at trial.

Quoted verbatim from the judgment of High Court (Mahkamah Tinggi) (wa-22ncc-705-12-2019). Read the full judgment on the official Malaysia Courts portal for the complete decision.

Catchwords

Issue of breach in terms – Whether there is a breach in the Terms of the Promissory Note Transaction Agreement by first Defendant – Whether second Defendant’s failure to pay the sums due under the Credit Default Risk Insurance Policy. Issue of jurisdiction – Whether the 1st Defendant should only be heard by the Courts of England and Wales – not by Malaysian Courts – Whether the claim should have been brought by way of arbitration. Stay of proceedings – Whether Plaintiff’s action ought to be stayed and referred to arbitration – arbitration agreement. Lapse of time – Whether the time allowed for the institution of the claim has passed.

Practice Areas

Arbitration Civil Procedure Insurance

Judges (1)

Mohd Arief Emran bin Arifin Delivered

Counsel (10)

K. H. Wong, Chin & Cheah Firm Skrine Firm Yeow Yap & Co Firm Kwan Yi Xuan Counsel Defendant Neshel Inabashekaran Counsel Plaintiff Priya Durai Counsel Plaintiff Ratha Govindasamy Counsel Plaintiff Trevor De Silva Counsel Defendant Vijay Raj Counsel Plaintiff Yeow Tze Yi Counsel Defendant

Parties (3)

ARCHIPELAGO INSURANCE LIMITED Defendant BISHOPGATE CAPITAL LIMITED Defendant IFCI LIMITED Plaintiff

Statutes Cited

Arbitration Act 2005 (Cap 646)

s 10

Bills of Exchange Act

s 93

Civil Law Act 1956

s 4(3)

Contracts Act

s 29

English Bills of Exchange Act

s 27(2)

Evidence Act

s 45

Malaysian Bills of Exchange Act 1949

s 101(2)

Cases Cited (29)

UK (10)

[1902] 2 KB 190 [1949] 2 KB 727 [1967] 2 QB 363 [1983] 3 Ch 359 [1987] 3 All ER 565 [1990] 2 All ER 705 [1991] 2 AC 1 [2016] EWCA Civ 49 [2019] UKSC 29 [2021] EWCA Civ 718

AU (1)

[2019] NSWCA 27

MY (18)

[1956] MLJ 155 [1963] 29 MLJ 6 [1983] 2 MLJ 211 [1985] 1 CLJ 56 [1992] 1 MLJ 185 [1995] 1 CLJ 273 [1995] 4 CLJ 283 [1996] 1 CLJ 379 [1996] 3 CLJ 26 [2004] 4 CLJ 18 [2007] 3 MLJ 561 [2008] 3 MLJ 340 [2008] 5 CLJ 551 [2008] 8 CLJ 790 [2009] 6 MLJ 783 [2016] MLJU 404 [2022] MLJU 3133 [2024] 7 CLJ 899

Judgment

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (wa-22ncc-705-12-2019)