Facts

This is an application by the plaintiff for the removal of a private caveat on land held under H.S.(D)33860, No. P.T. 1185, Mukim Kawasan Bandar VI, Daerah Melaka Tengah, Negeri Melaka (the said property) entered by the defendant.There were also consequential orders prayed for.

By an agreement dated 20 May 1995 (the contract) entered into between Port Dickson Land Development Sdn Bhd (PDLD) and Chase Perdana Berhad (CPB), CPB had agreed to carry out and complete certain works (the works) upon the terms and conditions contained therein.It was an express term of the contract that PDLD would procure a bank guarantee in favour of CPB for the contract sum (the contract sum) as defined in the contract. PDLD failed to procure the said bank guarantee despite the fact that CPB has carried out and completed certain portion of the works.To allay CPB's concern PDLD agreed to deliver and deposit the original document of title to the said property as security for the payment of the contract sum.

When the amount due under the contract reached RM30,554,800.78 (PDLD's debt), PDLD agreed to cause the property to be transferred and registered in the name of CPB or its nominee as part