Introduction

[1] This was a petition by CIMB Bank Berhad ("CIMB Bank"), the Petitioner, to wind-up the respondent company, Jaring Communications Sdn Bhd. By an agreement ("the Agreement") made between CIMB Bank and the respondent, the bank did agree to extend and did avail an overdraft facility of up to a limit of RM10,000,000.00 and a bank guarantee facility of up to a limit of RM8,000,000.00 (with a sub-limit of RM1,000,000.00) to the respondent.

[2] Pursuant to an event of default by the respondent, CIMB Bank commenced Kuala Lumpur High Court Suit No 22NCC-194-06/2014 against the respondent. The event of default occurred when the respondent, in breach of the express written terms of the said Agreement, failed and neglected to obtain CIMB Bank's prior written consent and approval for change in the respondent's directors a