Kang Hwee Gee J:

This is a petition by the petitioner to wind up the respondent company on the ground that it was unable to pay its debt pursuant to the issuance of the statutory notice under s. 218 of the Companies Act 1965. The notice required the respondent to pay the sum of RM12,099,825.17 and a further sum S$166,439.89 within the stipulated 21 days from the date of the receipt of the notice.

The respondent did not comply with the notice and hence rendered itself liable to the deeming provision under s. 218(2) of the Act that it is unable to pay its debt.

The debt arose from an arbitration award in an arbitration proceeding that the parties had subjected themselves to under the Arbitration Act 1952. The relevant orders of the final award in so far as it concerns this petition are two sums which the arbitrators had adjudged and directed the respondents to pay to the petitioner. They are the award sum of RM12,099,825.17 and the aggregate costs of the award of S$226,439.89.

Leave to enforce the award was obtained by the petitioner against the respondent from High Court videan order dated 14 February 2001 in Kuala Lumpur Civil Suit No. R1-24-64-2000.

The petition is oppose