JUDGMENT

1. The plaintiff is the registered chargee of Lot 1651 Section 64 KTLD (the said land) by virtue of the Memorandum of Charge dated 14th December, 1983 registered as Instrument No. L. 1394/1983, and Instrument L.2568/1984 registered on 24th February, 1984 as security for the banking facilities granted to the chargor/developer. The chargor had defaulted in the payment, and an order for sale of the said land was granted by the Court on 25th August, 1989.

2. The developer had subdivided the land into lots, and had, by Sale & Purchase Agreements, sold some lots on the said land to purchasers who had taken possession of their lots. The said land at the time of the Sale & Purchase Agreements was subject to a prior charge under Instrument No. L692/1980 in favour of Bank Utama (M) Bhd. Subsequently plaintiff took over the financing of the housing project from Bank Utama (M) Bhd., and the land was charged to the plaintiff. The respective purchasers of the private lots, by virtue of the Sale & Purchase Agreements, had lodged 23 caveats in the said land in January and February 1984 after the registration of the plaintiff's charges.

3. This is the plaintiff's application (encl. 2) to have