JUDGMENT

[Application To Set Aside A Scheme Of Arrangement That Had Been Approved By Court ]

Leong Wai Hong J:

Introduction

[1] Can a scheme creditor apply to Court to set aside a scheme of arrangement which had been approved by the scheme creditors [including this scheme creditor], and approved by the Court under s 366(3) and (4) of the Companies Act 2016 [" CA 2016"]?

[2] Can a scheme creditor apply to Court to set aside a scheme of arrangement on the ground of a total failure of consideration because a secret deal he had agreed with the applicant of the scheme of arrangement to secure his favourable vote was not honoured by the applicant?

[3] Can this scheme creditor further argue that because this secret deal was not disclosed by him to the scheme creditors and to the Court that approved the scheme, the approved scheme of arrangement is illegal and can be set aside on ground of illegality?

[See written submissions of 1st Proposed Intervener Tunai Impian Enterprise Sdn Bhd ("Tunai or "TIESB") in encl 51 paras 3,4 and 22]

[4] The scheme creditor in question is Tunai.

[5] I heard counsel on 28 November 2024 and on 20 January 2025. On 20 January 2025 I dismissed Tunai's applica