Balia Yusof Wahi J:

[1] This is an application by the plaintiff for the removal of a private caveat on 254 pieces of land held under H.S.(D)KA9043 to H.S.(D)FA 9296, PT Nos: 73940 to 74193 in the Mukim of Ulu Kinta Negeri Perak Darul Ridzuan. The plaintiff is the registered owner of all these 254 pieces of land. The pencelah has by an earlier court order been made a party as an intervenor in respect of its interest in the subject matter and involvement with the parties herein. The pencelah is the chargee in respect of 251 pieces of the land in this proceeding.

The Facts

[2] On 2 November 1999, the plaintiff and the defendant entered into a joint venture agreement to develop the land owned by the plaintiff into a housing scheme comprising of 271 units of medium cost houses. The said joint venture agreement contains the following salient features, namely:

(i) Article 3: the defendant to pay to the plaintiff a deposit of RM150,000 upon execution of the joint venture agreement.

(ii) Article 4: the defendant to grant to the plaintiff Special Advances on various dates pending the commencement of development of the said lands as follows:

(a) cash sum of RM350,000 by 15 November 1