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2025 MarsdenLR 829
HIGH COURT MALAYA KUALA LUMPUR
GOLDEN WAVE SDN BHD – Appellant
Versus
SABAH DEVELOPMENT BANK BERHAD (ENCL 1) – Respondent
[Companies Winding-Up No: WA-28-JM-17-05/2024]
Judicial Management applications are subject to creditor objections and court discretion under the Companies Act.
Headnote:This judgment concerns an application for Judicial Management under s 465 of the Companies Act 2016. The application was dismissed due to objections from two secured creditors, as stated in s 409 of the same Act. The court found that the Applicant's counsel indicated the client would not proceed with the appeal, pending a decision on costs. The court concluded there was no need to write further grounds.
Introduction
[1] This is the Applicant's application in encl 1 to be placed under Judicial Management ("JM") pursuant to s 465 of the Companies Act 2016 (" CA 2016").
[2] On the objection by two (2) secured creditors, namely Bank Pembangunan Malaysia Berhad, and Sabah Development Bank Berhad, I dismissed this application under the provisions of s 409 of the Companies Act 2016 .
[3] After the filing of the appeal against my dismissal of the application in encl 1, the Applicant's counsel informed me that their client is not proceeding with the appeal. However, they cannot file a Notice of Discontinuance of the Appeal until the court of Appeal decides on the issue of costs, since the Respondents are asking for costs of the appeal to be paid before agreeing to the discontinuance.
