JUDGMENT

(Enclosure 7)

Wan Muhammad Amin Wan Yahya J:

[1] This was the Plaintiff's application for summary judgment under O 14 of the Rules of 2012 ("ROC") filed via encl 7 dated 25 March 2024 ("this Application").

[A] Salient Background Facts

[2] The Defendants are guarantors ("Guarantors") for banking facilities granted by the Plaintiff to Crimson Legend (M) Sdn Bhd ("Borrower"). The facilities consisted of Term Loan 1 of RM38,000,000.00 ("TL 1") and Term Loan 2 of RM4,000,000.00 ("TL 2") (collectively, "the Facilities").

[3] The Facilities are secured by:

(i) A guarantee dated 3 May 2016 executed by the Defendants ("Guarantee");

(ii) A debenture dated 3 May 2016 executed by the Borrower ("Debenture");

(iii) Four first party first legal charges executed by the Borrower over lands in Batu Feringgi, Pulau Pinang ("Batu Feringgi Land");

(iv) A third party first legal charge executed by the 2nd Defendant over a property known as Mutiara Oriental Condominium; and

(v) A third party first legal charge executed by Chan Peng Hoong, Chan Mei Ling and Lau Yen Fan @ Low Yin Fong over properties known as Shamelin Shop Office.

[4] The Borrower defaulted in payment of instalments under the Facilities from