Atan Mustaffa Yussof Ahmad J:

Introduction

[1] Before the court is an Originating Summons dated 3 September 2024 filed by the Plaintiff, Trenergy Infrastructure Sdn Bhd, seeking a declaration that it is entitled to all rights and interests in funds held by the Defendant, Hong Leong Bank Berhad, in Fixed Deposit Accounts and an Escrow Account established pursuant to a Facilities Agreement dated 15 April 2021.

[2] After careful consideration of the affidavits, written submissions, and oral arguments of both parties, I find in favour of the Plaintiff for the reasons set out below.

Background Facts

[3] The Plaintiff and the Defendant entered into a Facilities Agreement dated 15 April 2021 ("the Facilities Agreement') whereby the Defendant granted the Plaintiff banking facilities comprising a Revolving Contract Financing Line ("RCFL") in the total sum of RM34,550,000.00 and a Specific Contract Financing Line ("SCFL") in the sum of RM34,211,000.00 under the sublimit of the RCFL.

[4] The RCFL was utilised by the Plaintiff as a general credit financing line, whereas the SCFL was utilised for specific contracts with Tenaga Nasional Berhad, particularly Contract TNB517/2016 Variation Order