I. APPLICATION

Before me is enclosure (2) which is an application by the plaintiff for an order, inter alia, to remove the private caveat registered vide Jilid 48, Folio 45, lodged by the defendant ("the caveat") against the land held under P.M. 58, Lot 2318, (formerly known as H.S.(M) No. 6/83, P.T.13) in the mukim of Sg. Udang, in the district of Melaka Tengah, Negeri Melaka ("the land") on 22 January 1998.

II. FACTUAL BACKGROUND

Pursuant to the Pengurusn Danaharta Nasional Berhad Act 1998 ("the Act") and the vesting certificate dated 31 July 1999, the plaintiff

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acquired all the rights, title and interest of Bank Bumiputra Malaysia Berhad (BBMB) in respect of the credit facilities ("the credit facilities") granted to Petmalube Sdn Bhd (formerly known as Petfina Sdn Bhd) ("the borrower") by BBMB.

BBMB was the registered legal chargee of the land vide two charges dated 6 December 1983 and 3 August 1984 and created by the borrower who is the registered proprietor to secure the credit facilities. These charges are now vested in the plaintiff.

In view of the borrower's default in the payment of the sums due under the credit facilities, the plaintiff took steps to dispose