Introduction

[1] This is the appellants'/plaintiffs' appeal by way of Notice of Appeal dated 20 June 2022 against the Order dated 25 May 2022 granted by the Kuala Lumpur High Court in dismissing the appellants'/plaintiffs' claim via Originating Summons in encl 1 and in allowing the respondent's/ defendant's counterclaim via the respondent's/defendant's Affidavit in Reply in encl 4.

[2] For ease of reference, parties will be referred to as in the High Court, the plaintiffs and the defendant. Individually, the plaintiffs will be referred to as P1, P2, P3 and P4 respectively.

The Salient Facts

[3] By an agreement dated 22 November 2020 entered into between the plaintiffs and the defendant (the Agreement), the defendant as an investor agreed to invest RM2 million (the Investment Sum) in the production, marketing, promoting and screening of a film titled "Kongsi Raya" (the Film) produced by P1 using P2's license issued by the National Film Development Corporation (FINAS), and the performance of P1 under the Agreement was guaranteed by P3 and P4 who are the directors of P1.

[4] The salient terms of the Agreement, among others, are as follows:

(a) As the producer, P1