JUDGMENT

Atan Mustaffa Yossof Ahmad JC:

[1] This Judgment concerns the Plaintiff's summary judgment application (encl 61) against the 2nd to 6th Defendants pursuant to O 14 Rules of 2012 ("ROC 2012"). This arose from guarantee agreements signed by the 2nd to 6th Defendants in respect of the 1st Defendant's debts under a vessel purchase agreement and charter agreements.

[2] After hearing this application and after reserving my decision, I allowed encl 61. This Judgment contains the full grounds for my decisions.

Background Facts

[3] The Plaintiff and the 1st Defendant entered into a Memorandum of Agreement dated 19 July 2013 ("the Memorandum of Agreement') whereby the Plaintiff agreed to sell and the 1st Defendant agreed to purchase the Vessel identified as SK81 ("the Vessel"). The salient terms of the Memorandum of Agreement are as follows:

a) The purchase price of the Vessel is USD12,200,000.00;

b) The deposit of USD1,220,000.00 ("the Deposit") shall be paid by the 1st Defendant to the Plaintiff within 3 banking days from the date of 19 July 2013;

c) In the event that the 1st Defendant fails to pay the Deposit to the Plaintiff within the period stated, the Plaintiff has the right to canc