Ong Chee Kwan JC:

Introduction

[1] This judgment deals with an application made under s 366(1) of the Companies Act 2016 ('the Act') for an order to hold meetings of the company's creditors to approve a scheme of arrangement proposed and to be presented by the company in order to avoid the prospect of a liquidation.

[2] Numerous written submissions were filed by the parties. These were further supplemented by long oral submissions by learned counsel which were conducted through remote platform spanning over 5 sessions. Many legal issues were raised for the Court's consideration and the Court wishes to record its appreciation to all learned counsel for their submissions and extensive research. Each of them has truly assisted me to better understand the issues and to be able to reach my judgment quicker.

Background Facts

[3] Airasia X Berhad ('AAX') is a prominent regional provider of long- haul air transportation services with 31 routes connecting Malaysia with various destinations and having, as of 31 December 2019, 2,364 employees. It is the main operating entity of the AAX Group, which comprises AAX and its 14 subsidiaries (11 of which are companies who have leased aircrafts