JUDGMENT

Wong Siong Tung JC:

[1] This is an application by the 2nd Defendant by Notice of Application herein dated 25 June 2020 (Encl 105) for stay of the proceedings of this suit.

[2] On 19 December 2017, the Plaintiff, a licenced bank commenced the suit herein against the Defendants. In the suit herein, the Plaintiff claimed against the 1st Defendant for outstanding sum due under various banking facilities granted by the Plaintiff to the 1st Defendant. The Plaintiff claimed against the 2nd Defendant for the outstanding sum upon three (3) corporate guarantees given by the 2nd Defendant to the Plaintiff in respect of the banking facilities.

[3] The 1st Defendant had since been ordered to be wound up in Companies (Winding-Up) Petition No. BKI-28NCC-10/1-2018.

[4] Among the defence raised by the 2nd Defendant to the Plaintiff's claim, the 2nd Defendant asserted that the Plaintiff's claim was not maintainable against the 2nd Defendant as the Plaintiff had irrevocably unconditionally and permanently waived its right to make the claim pursuant to a scheme of arrangement between the 2nd Defendant and its creditors as sanctioned by the Court in the Republic of Singapore.

[5] After the pleadings