JUDGMENT

(Termination Of Winding Up)

Kenneth St James J:

Prelusion

[1] The subject company is Jimat Jimat Fresh & Frozen Mart Sdn Bhd (Company). The Company first filed an application to be placed under judicial management — for the Court to appoint a judicial manager to rescue it from its financial problems (JM Application). The Petitioner (B2B Finpal Sdn Bhd) then filed a winding up petition against the Company, in Companies (Winding Up) Petition No PA-28NCC-51-05/2023 (winding up Petition). The Company did not appear at the winding up Petition hearing. The winding up order was granted. The Company was put into liquidation.

[2] The shareholders of the Company (Applicants) now file an Amended Notice Of Motion to apply to terminate the winding up (Application). Should the Application be allowed?

Preliminaries

[3] The Applicants initially prayed for two alternative orders. They prayed for the winding up order dated 17 July 2023 — which was made in the winding up Petition — to be "terminated". They alternatively prayed for the winding up order to be stayed.

[4] During the proceedings, however, the Applicants dropped (withdrew) the alternative prayer for a stay of the winding up. They now s