[1] In this action, the applicant seek to remove the private caveat registered by the respondent upon five pieces of land all located in Bandar Kuala Lumpur, District of Kuala Lumpur.

BACKGROUND

[2] The original proprietor of the lands was Maril-Rionebel (M) Sdn Bhd, which was wound up on 14 November 2000. The lands were charged to OCBC Bank (M) Bhd under two charges. After Maril-Rionebel been wound up, the official receiver from the Insolvency Department Malaysia had appointed as the provisional liquidator on behalf of Maril. The applicant herein purchased the said lands via a sale and purchase agreement dated 30 August 2005 between the applicant and the official receiver on behalf of Maril. The applicant was the highest bidder in a close tender offer with the purchase price of RM100,100,000. For this sale and purchase, the applicant has obtained approval from the Foreign Investment Committee (‘FIC’) on 21 November 2005. Following the said approval, pursuant to the term of the sale and purchase agreement, the applicant deposited to the official receiver a bank guarantee dated 21 December 2005, issued by Bumiputra Commerce Bank Bhd an amount of RM36,455,490.