[1] The subject matter of the present appeal concerns a piece of land known as Lot No 2, Jalan Lingkaran 1, Fasa 11A, Bhg 2, Peringkat 1, Kawasan Perusahaan Selat Kelang, Pelabuhan Kelang, Selangor ("the land") which was to be alienated by the State Government of Selangor to Perbandaran Kemajuan Negeri Selangor ("PKNS").

[2] Pending the issue of a document of title to the land, PKNS entered into an agreement to lease dated 28 November 1988 ("the principal agreement") with the appellant thereby granting a lease over the land to the appellant for a period of thirty years commencing from 28 December 1988 and expiring on 28 December 2018 ("the lease").

[3] In 1990, the appellant obtained loans of RM1.2 million and RM750,000.00 from Bank Buruh (Malaysia) Berhad ("BBMB").

[4] As security for the repayment of the loans, a Loan Agreement Cum Assignment dated 16 April 1990 ("LACA") was executed by the appellant thereby assigning absolutely all its rights, title and interest under the principal agreement in favour of BBMB.

[5] On 11 March 1995, BBMB changed its name to BSN Commercial Bank (Malaysia) Berhad and its business and assets were subsequently transferred to and v